Slide 1: Earnings Call – Q1 2021
re-imagined re-invented Earnings Call – Q1 2021 Landsberg am Lech, 05 May 2021
Slide 2: Agenda
Agenda 1. Key figures and details for Q1 2021 2. Forecast and outlook full year 2021 3. Your questions 2
Slide 3: Key figures Q1 2021
Key figures Q1 2021 Recovery faster than expected – positive impacts 168 mEUR -7% 56% 19% Decrease Gross EBIT- Sales revenues Sales revenues margin Margin 14 mEUR 4 mEUR 81% 251 mEUR Operating Investments Equity Liquidity Cash Flow ratio 3
Slide 4: Sales revenues show step up in March
Sales revenues show step up in March January and February more impacted by COVID-19 74 64 65 61 59 60 57 52 51 +20% +4% +13% -2% +9% -23% -13% -22% +14% 2019 2020 2021 Sales revenues in mEUR January Sales revenues growth in % same month in PY February March 4
Slide 5: First quarter -7% decrease in sales revenue
First quarter -7% decrease in sales revenue Sales revenues per quarter 181 183 168 168 117 -7% -7% -43% -43% -21% -21% -21% -21% Q1 Q2 Q3 Q4 Sales revenues in mEUR 2020 2021 Sales revenues growth in % 5
Slide 6: Asia with growth – RoW below previous year
Asia with growth – RoW below previous year Sales revenues correspond with decreasing influence of pandemic Germany (-12%) North America 11% (-7%) 18% 43% Europe (-16 %) 18% Asia (+27%) (excluding Germany) Latin America 4% (-20%) Sales revenues in % of total Rest of the world 6% (Sales revenue growth
Slide 7: Successful trade show HOTELEX Shanghai 2021
Successful trade show HOTELEX Shanghai 2021 …the first to get back to normal The trade show took place 29th of March until the 1st of April in Shanghai and was a great success. Visitor numbers almost at the same level as before COVID-19. High number of CookingLive invitations. Live cooking demonstra
Slide 8: iVario grows by 6% - iCombi 9% down on previous year Q1
iVario grows by 6% - iCombi 9% down on previous year Q1 New markets for iVario boost growth Sales revenues iVario Sales revenues iCombi - 9% 164 150 +6% 17 18 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Sales revenue in mEUR Sales revenue growth in % 8
Slide 9: EBIT margin at 19%, up 5% points against PY
EBIT margin at 19%, up 5% points against PY EBIT driven from lower cost basis and good sales in March Gross margin at previous years level. Overproportionate Opex reduction led to increasing EBIT margin of 19.2 % in Q1. 2.5 0.3 19.2 2.1 Opex in sales and service were 15% lower than 14.3 the previous
Slide 10: EBIT margin increases significant by 5% in Q1
EBIT margin increases significant by 5% in Q1 EBIT margin at 19% +37% +14% +69% +24% 32 44 41 47 26 35 32 -8% -7% 28% 27% -36% 24% 24% 24% 19% 14% Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 EBIT in mEUR EBIT growth in % EBIT margin in % 10
Slide 11: Capex targeted for growth and efficiency
Capex targeted for growth and efficiency All time high in 2021 to get ready for market potentials 55 43 40 40 33 31 29 25 25 19 14 12 9 10 2015 2016 2017 2018 2019 2020 2021e Investments in mEUR The years 2019 and following include depreciation resulting from IFRS 16. Depreciation/amortisation in mE
Slide 12: Investment in iVario production site and North America HQ
Investment in iVario production site and North America HQ Expansion of the iVario production site in Wittenheim. In mid-April the construction of a customer center, administration building, and production site began. The investment volume amounts to around 28 mEUR. Additionally, we are looking for p
Slide 13: Solid balance sheet gives security and flexibility
Solid balance sheet gives security and flexibility High equity ratio and liquidity position Q1 2021 Q1 2020 Non-current assets 215 209 Inventories 79 84 Trade receivables 101 117 Other assets 44 116 Liquid funds 251 154 Total assets 690 680 Equity 558 534 Non-current liabilities 32 35 Current provis
Slide 14: Stable headcount
Stable headcount Care for the U.i.U.-family- be ready for recovery 2,258 2,180 2,174 2,113 After the pandemic the market will recover: 1,884 Working together with as many U.i.U. as 1,713 possible to get through the crisis. 1,530 Reluctant in hiring. Use of short-time work or comparable instruments.
Slide 15: Dividend 2020
Dividend 2020 Back to normal after securing liquidity in 2020 Earnings per share 15.09 Reduction of dividend in 2019 at outbreak 13.84 of first wave to ensure liquidity. 12.58 10.71 11.18 Dividend of EUR 4.80 per share proposed. 2.20 2.00 7.04 9.50 8.80 Return to high payout ratio of around 70%. 8.0
Slide 16: Evaluation of the financial situation
Evaluation of the financial situation More opportunities than risks Opportunities Risks Faster recovery triggered by Next waves of pandemic (India, Brazil) make sales 1. faster increase of end customer development volatile. demand (hospitality, tourism, mass catering, …) and Shortage of raw material
Slide 17: Forecast and outlook 2021
Forecast and outlook 2021 Our current expectation Despite the pleasing first quarter, we remain cautious on account of the risks described. We expect: - Slight sales growth, in the mid single-digit percentage range, and - an EBIT margin at around the level of the previous year. 17
Slide 18: Investor Relations Contact
Investor Relations Contact Financial calendar Company information Financial calendar 2021 RATIONAL AG 24.03.2021 Financial Figures Fiscal Year 2020 (virtual) Siegfried-Meister-Straße 1 05.05.2021 Financial Figures Q1 2021 (virtual) 86899 Landsberg am Lech 12.05.2021 General Shareholder‘ Meeting 2021
Slide 19: Please send us your questions via email
Please send us your questions via email (ir@rational-online.com)