Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — Q1 2019 Earnings Presentation
48 slides from Rational Aktiengesellschaft's earnings presentation, 2019
Slide 1: A different kind of inspiration
A different kind of inspiration For the professional kitchens of the world IR Presentation Q1 2019
Slide 2: The basis of our success
The basis of our success In the past as well as in the future Concentration on Specialisation in professional kitchens “cooking” Maximum The entrepreneur customer benefit in the company 2
Slide 3: For People
For People That prepare hot food in professional kitchens 3
Slide 4: Satisfaction
High customer satisfaction Above average number of Apostles Mercenaries Apostles [27%] [49%] Source: Kantar TNS / MI 2018* [x]: Average of the 13% 78% manufacturing industry worldwide 4% 5% Satisfaction Rebels Hostages [17%] [7%] Loyality *in USA, UK and Germany 4
Slide 5: 7.6 billion people live on earth
7.6 + 80 billion people live on earth million more each year 130,000,000 dishes are prepared using RATIONAL appliances every day 4,000,000 potential professional kitchens 96% recommendation rate 5
Slide 6: BMW Group customer testimonial
"I decide on the desired result, RATIONAL does the rest, and I can rely absolutely 100% on the quality." BMW Group Kurt Rass, Kitchen Manager BMW Group Munich, Germany 6
Slide 7: Quanjude Group customer testimonial
"Without RATIONAL, we would not be able to prepare 20,000 Peking ducks every day with such high quality." Quanjude Group Yan Dajian, Head of R&D, P.R. China 7
Slide 8: Nando's International customer testimonial
"They know what they do and understand what we need. We believe that RATIONAL is simply the perfect partner." Nando’s International Partner for more than 25 years 8
Slide 9: For kitchens
For kitchens In which 20 or 20,000 dishes are prepared 9
Slide 10: Combi-steamers and VarioCookingCenter produced
1,000,000 Combi-steamers produced since 1976 35,000 VarioCookingCenter® produced since 2005 10
Slide 11: Worldwide presence
Worldwide presence Close to the customer 33 120 Local presence in more than subsidiaries countries 4,000 More than partners worldwide 11
Slide 12: The world market potential
The world market potential More than 4 million professional kitchens 10 million 10 million kitchens kitchens Potential for Combi-Steamers Potential VarioCookingCenter® 4 million kitchens 2 million kitchens 12
Slide 13: Worldwide market potential of more than 4 million kitchens
Worldwide market potential of more than 4 million kitchens 10% SelfCookingCenter® 20% Combi-steamer 1% VarioCookingCenter® technology (other) 70% Traditional appliances 99% Traditional appliances Market potential Market potential SelfCookingCenter® and CombiMaster® Plus VarioCookingCenter® 13
Slide 14: Our customers worldwide
Our customers worldwide Establishments with over 20 meals per day Foodservice Hotels Mass Catering Restaurants Corporate Catering Quick Service Care home & hospitals Casual Dining Event caterers Prisons Nursery & school catering Marine Retail Supermarkets Military Bakery shops Petrol stations Butche
Slide 15: For food
For food Whose quality is setting standards 15
Slide 16: For customer benefit
For customer benefit That exceeds all expectations 16
Slide 17: More customer benefit
Higher earnings Economies of scale Higher attractivity Higher More productivity customer Customer benefit benefit Positive Rising learning demand curve 19.06.2019 \ Unternehmenspräsentation 2018 17 Growth
Slide 18: Milestones of customer benefit
Milestones of 2018 FRIMA becomes RATIONAL customer benefit 2017 ConnectedCooking VarioCookingCenter® 112L SelfCookingCenter® XS 2016 VarioCookingCenter® 112T 2014 SelfCookingCenter® 5 Senses VarioCookingCenter® 2005 2004 SelfCookingCenter® Foundation of 1997 RATIONAL GmbH 1973 ClimaPlusCombi 1992 FR
Slide 19: The SelfCookingCenter
The SelfCookingCenter® - Intelligent and powerful Grilling. Pan frying. Baking. Steaming. In one single appliance. 19
Slide 20: The VarioCookingCenter
The VarioCookingCenter® - Grilling. Cooking. Frying 0 Up to 4 times faster and with up to 40% less energy consumption 20
Slide 21: An unbeatable team
An unbeatable team 90% of all cooking processes in professional kitchens or 21
Slide 22: Recurring after-sales-business
Recurring after-sales-business Gaining more and more importance Share of total sales revenues 26% Extensive Accessories Care products Service parts Consulting services 22
Slide 23: All-in-2: SelfCookingCenter & VarioCookingCenter
All-in-2: SelfCookingCenter ® & VarioCooking Center® The most efficient kitchen in the world › Up to 50% space savings Conventional technology Saved space Saved space All-in-2 › Kitchens with around › 1,000 meals a day 23
Slide 24: That pays off
That pays off Restaurant with 200 meals per day Equipment Investment 1 SelfCookingCenter® 101 appr. 25,000 euros 1 VarioCookingCenter® 112 Profit* Extra earnings per month Raw material input (20% savings) 1,536 € Fat (up to 95% savings) 164 € Energy consumption (up to 50% savings) 578 € Savings for
Slide 25: ConnectedCooking
ConnectedCooking The connected kitchen made by RATIONAL 25
Slide 26: Convenience. Security. Inspiration.
Convenience. Security. Inspiration. Everything under control at all times. Push notification HACCP Updates Transfer cooking Remote programs access 26
Slide 27: Superb services
Superb services For more customer benefit › Competent Consulting › Personal Start-Training › Academy RATIONAL › ConnectedCooking › ChefLine® 27
Slide 28: RATIONAL Technical Service
RATIONAL Technical Service Always available for the customer › Original spare parts › Certified service partners › Professional installation › Worldwide service network 28
Slide 29: With responsibility
With responsibility For people and the environment 29
Slide 30: The U.i.U. Principle
The U.i.U.®-Principle Making decisions, taking responsibility › More than 2,100 employees worldwide › 89% of all employees are proud to work for RATIONAL 30
Slide 31: Practiced sustainability
Practiced sustainability Savings in resources, no loss in quality › Up to 50% less water usage* › At least 20% less raw material* › Up to 60% energy savings* › More than 90% recyclable components › Certified with ISO 9001, 14001 und 50001 › Lean operational logistics *in comparison with traditional
Slide 32: Our contribution to healthier nutrition
Our contribution to healthier nutrition More nutrients and fewer harmful substances › More vitamins › More trace elements › More minerals › More secondary plant nutrients › Less fat › Fewer harmful substances from water › Fewer hard-to-digest carbohydrates › Fewer harmful substances through the cook
Slide 33: Good results
Good results Facts and figures 33
Slide 34: Organic growth
Organic growth Q1 2019: Disproportionately high sales revenue growth 778 702 613 564 497 461 173 194 +15% +6% +8% +14% +9% +15% +11% +5% +12% 2013 2014 2015 2016 2017 2018 Q1 2018 Q1 2019 Sales revenue in m EUR Sales revenue growth in % 34
Slide 35: RATIONAL is the world market leader for combi-steamers
RATIONAL is the world market leader for combi-steamers Because we focus on what we do best RATIONAL Competitors (about 100 worldwide) Convotherm (Welbilt), Blodgett (Middleby), MKN, Lainox & Eloma (Ali Group), Electrolux, Alto-Shaam, Unox 35
Slide 36: Worldwide success
Worldwide success Q1 2019: Disproportionately high growth in North America and Asia Germany (+ 16%) 13% North America 19% 45% (+ 26%) Europe (+ 6%) 14% Asia (+ 17%) (excluding Germany) Latin America 5% (+ 6%) Rest of the world 4% (+ 3%) 36
Slide 37: Good performance for both product groups
Good performance for both product groups VarioCookingCenter® with exceptional growth Sales revenues combi-steamers Sales revenues VarioCookingCenter® +12% 179 160 +17% 13 16 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Sales revenues in m EUR Sales revenue growth in % 37
Slide 38: High EBIT margin level
High EBIT margin level Q1 2019: 24% EBIT margin +15% +11% +13% +10% +5% +4% +14% 128 145 160 167 188 205 41 47 m Euro -7% 29% 28% 28% 27% 27% 26% 24% 24% 2013 2014 2015 2016 2017 2018 Q1 2018 Q1 2019 Change in % EBIT margin in % 38
Slide 39: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity Q1 2019 Q1 2018 Non-current assets 185 143 Inventories 63 48 Trade receivables 125 114 Other assets 102 88 Liquid funds 169 179 Total assets 644 572 Equity 492 455 Non-current liabilities 35 28 Current provisions 4
Slide 40: Targeted investments for growth and efficiency
Targeted investments for growth and efficiency Investment in employees, infrastructure and products 50 43 40 25 19 19 17 14 12 9 10 8 2014 2015 2016 2017 2018 2019e Capital Investments Depreciation / amortisation in m EUR 40
Slide 41: Attractive dividend policy
Attractive dividend policy More than 70% payout ratio on average Earnings per Share Fiscal year 2018 13,84 › 9.50 euros dividend per share* 12,58 11,18 10,71 › About 70% payout ratio* 9,68 8,55 2,20 › Basic dividend up by 8%* 2,00 9,50 8.80 In the long term 7,50 8,00 6,80 › Sustainable and flexible
Slide 42: Investment recommendations
Investment recommendations RATIONAL – the quality stock in the SDAX Average fair value: 575 EUR Sell 1 Buy 4 Hold 8 As of May 2019 42
Slide 43: RATIONAL share price development
RATIONAL share price development Nearly 7 billion euros market capitalisation 280 260 240 220 200 180 160 140 120 100 80 Jan 15 Apr 15 Jul 15 Okt 15 Jan 16 Apr 16 Jul 16 Okt 16 Jan 17 Apr 17 Jul 17 Okt 17 Jan 18 Apr 18 Jul 18 Okt 18 Jan 19 Apr 19 (Database in local currency) RATIONAL FS Industry MSC
Slide 44: What may we expect in the future?
What may we expect in the future? 44
Slide 45: Positive megatrends for RATIONAL
Investment story Positive megatrends for RATIONAL › Worldwide growth of population › Increase in life expectancy › Increasing purchasing power in developing countries › Increasing share of single households › Healthier nutrition and a wider range of dishes › Varied catering locations (e.g. supermark
Slide 46: Our strengths profile
Investment story Our strengths profile › Two technologically leading products, leading in connectivity › By far the world market leader, huge free market potential › High brand awareness in professional kitchens › High customer satisfaction and loyalty › Global footprint of sales and service network
Slide 47: Investor Relations contact
Investor Relations contact Financial calendar Company information Financial calendar 2019 RATIONAL AG 14.03.2019 Financial figures fiscal year 2018 Siegfried-Meister-Straße 1 07.05.2019 Financial figures 3M 2019 86899 Landsberg am Lech 15.05.2019 General shareholders‘ meeting 2019 Germany 22.05.2018
Slide 48: RATIONAL
RATIONAL