Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — Q1 2024 Earnings Presentation
33 slides from Rational Aktiengesellschaft's earnings presentation, May 2, 2024
Slide 1: 50 years of RATIONAL IR Presentation
50 years of RATIONAL 50 years of innovations 50 years of customer benefit IR Presentation Landsberg, 2 May 2024
Slide 2: iCombi Pro
iCombi Pro The combi-steamer with intelligent cooking paths Reliable desired result. High productivity. Optimal planning. Effective cleaning.
Slide 3: iVario Pro
iVario Pro The multifunctional cooking system with contact heat Reliable results. Intelligent heating technology. Intelligent heating zone management.
Slide 4: ConnectedCooking
ConnectedCooking Digital kitchen management by RATIONAL Distribute cooking programs | Update unit software | Document HACCP data Make everything easier. No matter where your cooking systems are.
Slide 5: A tried and tested team
A tried and tested team For 90% of all cooking processes in professional kitchens
Slide 6: First-class services
For greater customer benefit First-class services Expert Start RATIONAL Connected ChefLine ® advide Training Academy Cooking
Slide 7: RATIONAL Technical Service
Always at the customer‘s service RATIONAL Technical Service Original Certified service Professional Global service service parts partners installation network
Slide 8: iHexagon
iHexagon Beginning of a New Era Steam, convection heat and microwave energy are intelligently coordinated. On all six racks.
Slide 9: Products and services
Products and services Revenue breakdown - Equipment revenue is supplemented by recurring non-equipment revenue Aftersales business Accessories, service parts, cleaners, and services 30% iCombi Worldwide sales of 61% combi-steamers 9% iVario Worldwide sales of multifunctional cooking systems Based on
Slide 10: RATIONAL
32 3 Production Culinary expertise Subsidiaries sites and experience of 1,000+ Successful since 1973 Local presence in 600 chefs 120 countries Patents RATIONAL More than 4.000 partners worldwide
Slide 11: Our customers worldwide
Our customers worldwide Establishments with over 20 meals per service 40 % 40 % Restaurants with service Community Catering 7% 13 % Restaurants * without service Retail Graphic refers to the number of sold appliances
Slide 12: Above-average customer satisfaction
Above-average customer satisfaction Increase in NPS by 3 points even during the Corona crisis Net Promoter Score 2022 RATIONAL AG +64 -80 -60 -40 -20 0 +20 +40 +60 +80 Best in Class Ø-NPS of companies surveyed in the areas: Source: B2B International in 17 Märkten (2022)
Slide 13: High untapped market potential for both product groups
High untapped market potential for both product groups Aiming to substitute traditional equipment in professional kitchens 12 % iCombi 13 % Competitors 2 % iVario 2 % Competitors 75 % Traditional appliances 4.8 million addressable kitchens for iCombi 96 % Traditional appliances 1.6 million addressab
Slide 14: Market leader RATIONAL
Market leader RATIONAL Around 50% global market share in both product groups There are ~20 million professional kitchens worldwide ~100 worldwide competitors for combi-steamer cooking systems: Ali Group, Unox, Electrolux, Hoshizaki, ITW, Alto-Shaam, MKN, Middleby …. ~50 worldwide competitors for iVa
Slide 15: RATIONAL employees are entrepreneurs within the company (U.i.U)
RATIONAL employees are entrepreneurs within the company (U.i.U) Decisions. Responsibility. 2,554 2,401 2,258 2,180 2,248 87% are proud to work at 2,113 RATIONAL 1,884 employee turnover in the 6% Fiscal Year 2023 5% average salary increase 2023 anniversary bonus for every 1,973€ U.i.U. worldwide 2017
Slide 16: Sustainability as an integral part of our business model
Sustainability as an integral part of our business model Healthy nutrition. Efficiency. Occupational safety. Long-term partner “Many companies focus their activities on Safe Satisfied rapid growth and maximising short-term workspace customers profit, and structure their organisations accordingly. At
Slide 17: The RATIONAL strategy
The RATIONAL strategy Maximum customer benefit as our primary corporate aim "In this day and age, a company has a Focus Specialisation right to exist when it fulfils its task and on large and in thermal that task is to offer benefit to the commercial food customer. The quality of this benefit Maximu
Slide 18: Greater customer benefit
Higher Cost profits degression Greater customer benefit Higher productivity Greater Customer attraction benefit Increased demand Positive learning curve Growth
Slide 19: RATIONAL - a good investment for customers and investors
RATIONAL - a good investment for customers and investors Close to our customers – close to a basic human need 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 repu
Slide 20: Good financial performance as a result
Good financial performance as a result Facts. Figures. Data.
Slide 21: Strong sales performance in 2023
Strong sales performance in 2023 Revenue increased by 10% to EUR 1,126 million in 2023 +10% +31% 1,126 +8% 1,022 +11% -23% +20% 844 778 780 702 650 2017 2018 2019 2020 2021 2022 2023 Sales revenues in m EUR | Year-on-year sales growth
Slide 22: Sales revenues by quarter
Sales revenues by quarter Q1 2024 sales revenues at previous years level +25% +1% 286 290 293 282 278 274 272 225 232 2022 2023 2024 2022 2023 2022 2023 2022 2023 Q1 Q2 Q3 Q4 Sales revenues in m EUR | Year-on-year sales growth
Slide 23: iVario back in growth mode, iCombi defends high prior-year figure
iVario back in growth mode iCombi defends high prior-year figure iCombi iVario +30% +1% 254 256 195 -4% +7% 30 29 31 Q1 2022 Q1 2023 Q1 2024 Q1 2022 Q1 2023 Q1 2024 Sales revenues in m EUR | Year-on-year sales growth
Slide 24: Strong growth in overseas regions
Strong growth in overseas regions North America and Asia driving growth North America +13% Asia +41% Germany +18% +10% -17% +21% 62 55 39 36 36 42 32 30 30 Q1 2022 Q1 2023 Q1 2024 Q1 2022 Q1 2023 Q1 2024 Q1 2022 Q1 2023 Q1 2024 Europe +21% -3% 124 120 103 Latin America Rest of the World +41% +1% +51
Slide 25: EBIT grows faster than sales revenues
EBIT grows faster than sales revenues EBIT margin increases by 1.3 percentage points in Q1 2024 +7% +39% 71 67 +48% -44% 47 48 +24% 32 24.8% 24.0% 23.5% 26 21.2% 19.2% 14.3% Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 EBIT in m EUR EBIT margin
Slide 26: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in m EUR 31.03.2023 31.12.2023 31.03.2024 Key balance sheet KPIs: Non-current assets 244 265 265 +8% Growth in total assets Inventories 117 107 109 Trade receivables 175 172 179 42% Liquidity ratio1 Other assets 23
Slide 27: Operating cash flow at a high level
Operating cash flow at a high level Good earnings and stable working capital have a positive effect +60% 258 +38% -53% +84% 199 -6% -1% 172 161 146 144 93 2017 2018 2019 2020 2021 2022 2023 Cash flow from operating activities | Year-on-year growth
Slide 28: Investments
Investments Forward-looking investments thanks to solid financial position 40 40 37 35 33 31 30 31 29 25 26 14 2018 2019 2020 2021 2022 2023 *The years 2019 and following include depreciation resulting from IFRS 16. Depreciation/amortisation Investments in m EUR
Slide 29: Dividend 2023
Dividend 2023 Dividend of 13.50 Euros Dividend per share Special dividend per share in EUR Earnings per share 18.98 13.50 € Dividend per share 16.33 15.09 13.84 71% Total payout ratio 10.88 2.50 13.50 11.00 7.04 2.50 9.50 7.50 5.70 1.9% Dividend yield* 4.80 2018 2019 2020 2021 2022 2023 *In relation
Slide 30: Sales revenue and profit outlook for 2024
Sales revenue and profit outlook for 2024 Optimistic for the current financial year Sales growth Gross profit Operating costs EBIT margin in the mid to high single- benefits from better cost rise slightly faster than near previous year expected digit percentage range. situation. sales revenues.
Slide 31: The RATIONAL investment story
The RATIONAL investment story RATIONAL – Opportunities and strengths profile Opportunities Strengths › Rising energy, rent and › Technologically leading cooking personnel costs systems, market leading networking solutions › Increasing shortage of › High brand awareness and skilled workers customer l
Slide 32: Investor relations contact
Investor relations contact Financial calendar Company information Calendar 2024 RATIONAL AG 27.03.2024 Financial Figures Fiscal Year 2023 (Munich/virtual) Siegfried-Meister-Straße 1 02.05.2024 Financial Figures Q1 2024 (virtual) 86899 Landsberg am Lech 08.05.2024 General Shareholder‘ Meeting 2024 (A
Slide 33: 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