Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — Q1 2023 Earnings Presentation
63 slides from Rational Aktiengesellschaft's earnings presentation, May 4, 2023
Slide 1: When it tastes great, we all speak the same language
When it tastes great, we all speak the same language. IR Presentation | Q1 2023 Landsberg am Lech, 4 May 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: 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 31 120 Local presence in more than subsidiaries countries 4,000 More than 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 Martin Hermann Markus Paschmann Peter Wiedemann Jörg Walter Dr Peter Stadelmann CTO CSMO COO CFO CEO
Slide 45: 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 45
Slide 46: Figures. Facts. Data.
Figures. Facts. Data. Fiscal Year 2022
Slide 47: 1 billion euros in sales for the first time
1 billion euros in sales for the first time in the company's history 2022 Sales revenues increases by 31% to 1,022 m EUR +31% Sales revenues in m EUR +8% -23% 1,022 +11% +20% +15% 844 778 780 702 650 613 2016 2017 2018 2019 2020 2021 2022
Slide 48: Sales revenues near all-time high of previous quarter
Sales revenues near all-time high of previous quarter Strong order backlog and price increases support sales revenues Sales revenues in m EUR +25% 282 290 274 225 232 2022 2023 2022 2022 2022 2022 2022 2022 Q1 Q2 Q3 Q4
Slide 49: First quarter 2023: Sales revenue by region
First quarter 2023: Sales revenue by region All regions growing – North America biggest growth and potential North America Germany Asia +41% +10% +21% 32 36 36 55 30 39 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Europe +21% Latin America 124 Rest of the world 103 +41% +51% 15 18 10 12 Q1 2022 Q
Slide 50: iCombi boosts growth, iVario recovers
iCombi boosts growth iVario recovers from last year’s sales Sales revenues in m EUR iCombi +30% iVario 254 195 -4% 30 29 Q1 2022 Q1 2023 Q1 2022 Q1 2023 50
Slide 51: EBIT growth over-proportionally
EBIT growth over-proportionally EBIT margin at 23,5% in Q1 2023 +39% EBIT in m EUR EBIT margin 66 +14% -44% +48% 47 +24% 48 41 32 26 24% 24% 24% 21% 19% 14% Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023
Slide 52: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in m EUR Q1 2022 FY 2022 Q1 2023 26% Non-current assets 222 237 244 13% Inventories 102 116 118 Trade receivables 145 175 175 28% Other assets 98 163 260 19% Liquid funds 251 208 137 Total assets 818 899 934 15% 78
Slide 53: Investments
Investments Forward-looking investments thanks to solid financial situation Depreciation/amortisation Investments in m EUR 40 40 40 37 35 31 30 31 29 25 26 14 2018 2019 2020 2021 2022 2023e *The years 2019 and following include depreciation resulting from IFRS 16.
Slide 54: Dividend 2022
Dividend 2022 Dividend of 11.00 Euros and special dividend of 2.50 Euros proposed Dividend per share Special dividend per share in EUR Earnings per share 16,33 11 € Dividend per share 15,09 13,84 12,58 10,88 2,50 2,50 € Special dividend per share 2,20 11,00 9,50 2,50 8,80 7,04 7,50 5,70 83% Total pa
Slide 55: Employee satisfaction remains on high level
Employee satisfaction remains on high level 87% of our employees are proud to work for RATIONAL Number of employees 2,401 2,450 2,258 2,248 2,180 2,113 are proud to work at 87% RATIONAL 8% Staff turnover in 2022 5% Wage increase in Germany 2022 2,000 € +15% Inflations compensation bonus per head in
Slide 56: Sales revenue and profit outlook for 2023
Sales revenue and profit outlook for 2023 Cautiously optimistic for the current fiscal year Sales growth Operating costs EBIT will rise at a slightly in the high single-digit rise slightly faster than slower pace than sales percentage range. sales revenues. revenues.
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: Broad Coverage
Investment recommendations Broad Coverage Median Fair Value = 650 euros Buy; 4 Sell; 2 Hold; 9 Status: May 2023 63
Slide 61: Investor relations contact, Financial calendar
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