Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — HY 2018 Earnings Presentation
64 slides from Rational Aktiengesellschaft's earnings presentation, August 2018
Slide 1: A different kind of inspiration
A different kind of inspiration For the professional kitchens of the world IR Presentation HY 2018
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 manufacturing industry 13% 78% worldwide 4% 5% Satisfaction Rebels Hostages [17 %] [7 %] Loyality 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 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 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 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 produced since 1976
890,000 Combi-steamers produced since 1976 30,000 VarioCookingCenter® produced since 2005 10
Slide 11: Worldwide presence
Worldwide presence Close to the customer Local presence in more than 30 120 subsidiaries countries More than 4,000 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 Mass Catering Retail Corporate catering Supermarket Care home & hospital Bakery shop Event caterers Convenience Prisons Butchers Nursery & school catering ... Marine Military … Foodservice Hotel Restaurant Quick Service Casual Dining
Slide 15: For food
For food Whose quality is setting standards 15
Slide 16: For a healthy nutrition
For a healthy nutrition With more nutrients and fewer harmful substances 16
Slide 17: For customer benefit
For customer benefit That exceeds all expectations 17
Slide 18: More customer benefit
Higher earnings Economies of scale Higher attractivity Higher More productivity customer Customer benefit benefit Positive Rising learning demand curve 24.08.2018 \ Unternehmenspräsentation 2018 18 Growth
Slide 19: 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 20: The SelfCookingCenter
The SelfCookingCenter® - Intelligent and powerful Grilling. Pan frying. Baking. Steaming. In one single appliance. 20
Slide 21: The VarioCookingCenter
The VarioCookingCenter® - Grilling. Cooking. Frying 0 Up to 4 times faster and with up to 40% less energy consumption 21
Slide 22: An unbeatable team
An unbeatable team 90 % of all cooking processes in professional kitchens or 22
Slide 23: All-in-2: The most efficient kitchen in the world
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 matrerial input (20 % savings) 1,536 € Fat (up to 95 % savings) 164 € Energy consumption (up to 50 % savings) 578 € Savings
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 nature 29
Slide 30: The U.i.U. Principle
The U.i.U.®-Principle Making decisions, taking responsibility › About 2.000 employees worldwide › 206 new positions in the first half year of 2018 › 89% of all employees are proud to work for RATIONAL 30
Slide 31: Practiced sustainability
Practiced sustainability Savings in resources, no loss in quality › Time, energy, water, space and row material management › ISO 9001, 14001 und 50001 › Lean operational logistics 31
Slide 32: Good results
Good results Facts and figures 32
Slide 33: Organic growth
Organic growth HY 2018: Disproportionately high sales revenue growth 702 613 564 497 435 461 367 331 +15% +11% +6% +8% +14% +9% +15% +17% +11% 2012 2013 2014 2015 2016 2017 HY 2017 HY 2018 Sales revenue in m EUR Sales revenue growth in % 33
Slide 34: 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 34
Slide 35: Worldwide success
Worldwide success HY 2018: Disproportionately high growth in North America Germany (+ 12%) North America 12% (+ 17%) 18% 47% Europe (+ 11%) 13% Asia (+ 12%) (excluding Germany) Latin America 5% (- 2%) Rest of the world 5% (+ 7%) 35
Slide 36: Good performance in both product segments
Good performance in both product segments VarioCookingCenter® with exceptional growth Sales revenues combi-steamers Sales revenues VarioCookingCenter® +10% 339 307 +15% 25 28 HY 2017 HY 2018 HY 2017 HY 2018 Sales revenues in m EUR Sales revenue growth in % 36
Slide 37: High EBIT margin level
High EBIT margin level HY 2018: EBIT margin on previous year´s level +20% +13% +13% +10% +14% +5% +4% +8% 123 128 145 160 167 188 84 91 m Euro 29 % 28 % 28 % 28 % 27 % 27 % 25 % 25 % 2012 2013 2014 2015 2016 2017 HY 2017 HY 2018 Change in % EBIT margin in % 37
Slide 38: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity HY 2018 HY 2017 Non-current assets 148 113 Inventories 52 41 Trade receivables 119 101 Other assets 81 90 Liquid funds 106 128 Total assets 506 473 Equity 368 346 Non-current liabilities 28 34 Current provisions 48
Slide 39: Targeted investments for growth and efficiency
Targeted investments for growth and efficiency Investment in employees, infrastructure and products Capital investments Depreciation / amortisation 39 in m Euro
Slide 40: Attractive dividend policy
Attractive dividend policy More than 70% payout ratio on average 12.58 Fiscal year 2017 11.18 10.71 › 8.80 euros dividend per share 9.68 2.20 8.20 8.55 2.00 › 2.20 euros special dividend 8.80 › 11.00 euros total payout 8.00 7.50 6.80 › 87% payout ratio 5.70 6.00 In the long term › Sustainable and fl
Slide 41: Investment recommendations
Investment recommendations RATIONAL – the quality stock in the SDAX Average fair value: 566 EUR Buy 4 Hold 8 Aus of August 2018 41
Slide 42: Share price development since the IPO
Share price development since the IPO Approx. 7 billion euros market capitalisation 42
Slide 43: What may we expect in the future?
What may we expect in the future? 43
Slide 44: Investment story: Positive megatrends
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 45: Investment story: 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 46: Investor Relations contact
Investor Relations contact Financial calendar Company information Financal calendar 2018 RATIONAL AG 09.08.2018 Financial figures HY 2018 Siegfried-Meister-Straße 1 12.09.2018 RATIONAL analysts day 2018 86899 Landsberg am Lech 30.10.2018 Financial figures 9M 2018 Germany www.rational-online.com Inve
Slide 47: RATIONAL
RATIONAL
Slide 48: Backup
Backup 48
Slide 49: Quality prevails
Quality prevails 50 % world market share for combi-steamers Potential Potential Market share Market share RATIONAL RATIONAL 50 % 20 % Market penetration Market penetration 30% 20 % 49
Slide 50: Disclaimer
Disclaimer Diese Präsentation dient ausschließlich dem Zweck, die RATIONAL-Gruppe vorzustellen und einen kurzen Überblick zu geben. Die in ihr enthaltenen Informationen erheben keinen Anspruch auf Vollständigkeit und eignen sich nicht als Basis für unternehmerische Entscheidungen oder als Anlageempf
Slide 51: Unser Marktpotenzial nach Segmenten - weltweit
Unser Marktpotenzial nach Segmenten - weltweit Individuelle Lösungen 2.436.000 246.000 Betriebsgastronomie Casual Dining, Restaurant, Hotel 423.000 Kindergarten und Schule 247.000 264.000 186.000 Supermarkt Back-/Tankshop, Metzger Pflege und Krankenhäuser 51
Slide 52: Weltmarktpotenzial von mehr als 3 Millionen Profiküchen
Weltmarktpotenzial von mehr als 3 Millionen Profiküchen 10% SelfCookingCenter® 20% Combi-Dämpfer- 1% VarioCookingCenter® Technologie (andere) 70% Traditionelle Geräte 99% Traditionelle Geräte Marktpotenzial Marktpotential SelfCookingCenter® + CombiMaster® Plus VarioCookingCenter® 52
Slide 53: Multifunktionalität und maximale Produktivität
Multifunktionalität und maximale Produktivität Grillen, Braten, Backen, Dämpfen – in einem Gerät Dämpfen 30 °C – 130 °C Heißluft 30 °C – 300 °C Dämpfen Grillen Übernachtkochen Backen Kombination 30 °C – 300 °C Pochieren Schmoren Übernachtgaren Kurzbraten 53
Slide 54: RATIONAL – Ideen verändern die Welt
RATIONAL – Ideen verändern die Welt Gestern, heute und in der Zukunft 1976: Combi-Dämpfer 1986: CombiMaster 1997: ClimaPlusCombi 2004: SelfCookingCenter® 2011: SelfCookingCenter 2014: SelfCookingCenter 2016: SelfCookingCenter® und whiteffiency® 5 Senses® SelfCookingCenter® XS Folie 54
Slide 55: Das SelfCookingCenter
Das SelfCookingCenter® Das erste Kochsystem mit echter Intelligenz 55
Slide 56: Das VarioCookingCenter
Das VarioCookingCenter® Das multifunktionale Kochgerät mit Kontakthitze Bis zu 4 mal schneller und mit bis zu 40 % weniger Stromverbrauch. 56
Slide 57: Das erste und einzige Kochsystem mit echter Intelligenz
Das erste und einzige Kochsystem mit echter Intelligenz 4 Assistenten für Einfachheit, Speisenqualität und Effizienz HiDensityControl® Präzision für Spitzenqualität auch für große Speisemengen iCookingControl® Einfachheit und Standardisierung durch Garintelligenz iLevelControl Schnelle Speisenvielfa
Slide 58: Der Combi-Dämpfer: unser Beitrag zur gesünderen Ernährung
Der Combi-Dämpfer: unser Beitrag zur gesünderen Ernährung Mehr Nährstoffe, weniger Schadstoffe Mehr sekundäre Mehr Mehr Mehr Pflanzenstoffe Vitamine Spurenelemente Mineralstoffe Weniger Schadstoffe Weniger Schadstoffe Weniger schwerver- Weniger durch den Garprozess aus dem Wasser dauliche Kohlenhydr
Slide 59: Das VarioCooking Center
Das VarioCooking Center® Starke Ausstattung für das beste Ergebnis VarioCooking Control® Kein Überwachen durch die eingebaute Kochintelligenz AutoLift® Punktgenau Garen mit der Hebe- und Senkautomatik VarioBoost® Höchste Leistung und kürzeste Aufheizzeiten durch das patentierte Heizsystem FrimaTherm
Slide 60: Wir sind das Unternehmen der Köche für Köche
Wir sind das Unternehmen der Köche für Köche Über 1.000 Köche sind für unsere Kunden täglich im Einsatz Anwendungsforschung Anwendungsentwicklung Vertrieb Anwendungsberatung 60
Slide 61: RATIONAL ServicePlus
RATIONAL ServicePlus Das All-inklusive-Paket 61
Slide 62: 93 % der Kunden bestätigen größtmöglichen Kundennutzen
93 % der Kunden bestätigen uns, dass wir größtmöglichen Kundennutzen bieten* *Unabhängige Studie TNS Infratest 2016 62
Slide 63: Ausgezeichnet: Küchen-Oscars
Ausgezeichnet Eine Auswahl unserer Küchen-Oscars Snacking d‘Or 2016 Chef‘s Choice Award 2016 Innovation challenge „Gold winner“ 2017 Küche Award 2017 Intergastra Best of Market 2017 Show Star 2017 Innovationspreis 2018 63
Slide 64: Ausgezeichnet: Unternehmens-Awards
Ausgezeichnet Eine Auswahl unserer Unternehmens-Awards Bayerns Best 50 2016 Grünes Band 2016 Manufacturing Excellence Award 2016 Top 100 des Mittelstands German Design Award 64