Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — 9M 2022 Earnings Presentation
68 slides from Rational Aktiengesellschaft's earnings presentation, November 2022
Slide 1: Fast. Precise. Versatile. Consistently enhanced. IR Presentation 9M 2022
Fast. Precise. Versatile. Consistently enhanced. IR Presentation 9M 2022
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 8% 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: 7.8 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. Close to the customer
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. Day after day. Year after year. Millionfold
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 - Hilton, Birmingham
35% less energy Hilton, Birmingham 34
Slide 35: The all-round carefree package - Nando's
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 Peter Stadelmann Peter Wiedemann Dr Martin Hermann Markus Paschmann Jörg Walter CEO COO CTO CSMO CFO
Slide 45: Great results
Great results Figures. Facts. Data. 45
Slide 46: Improved availability of electronic components
Improved availability of electronic components Forecast 2022: 23% to 28% sales growth deemed as realistic 960 - 998 844 778 780 702 650 613 +23% - +9% +15% +11% +8% -23% +20% +28% 2016 2017 2018 2019 2020 2021 2022e Sales reveneues in mEUR Sales revenues growth in % 46
Slide 47: Sales revenues grow from one all-time high to the next
Sales revenues grow from one all-time high to the next Component availability, price increases and FX support strong growth +33% 274 +10% +34% 225 232 231 205 212 213 207 194 193 168 2019 2021 2022 2019 2021 2022 2019 2021 2022 2019 2021 Q1 Q2 Q3 Q4 Sales revenues in mEUR Individual values and total
Slide 48: Delivery times are returning to normal in some markets
Delivery times are returning to normal in some markets 330 mEUR or 36,000 units in order backlog end of Q3 2022 › In some markets new orders can be delivered within 4-8 weeks (e.g. UK). ~ 330 mEUR › We expect lead times and order backlog to get back to pre-crisis level in Q1 2023. › Number of semi-f
Slide 49: 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 49
Slide 50: 9M 2022 sales revenue by region
9M 2022– sales revenue by region All regions well above 2019 - Asia slightly below previous year Europe North America 318 Asia 272 259 150 84 92 91 117 103 +46% -1% 9M 2019 9M 2021 9M 2022 9M 2019 9M 2021 9M 2022 +23% 9M 2019 9M 2021 9M 2022 Latin America Germany Rest of the world 93 74 77 33 39 41
Slide 51: iVario to exceed 100 mEUR of sales revenues in 2022
iVario to exceed100 mEUR of sales revenues in 2022 Both product groups were in strong demand Sales revenues iCombi Sales revenues iVario 634 559 526 98 54 60 +20% +63% 9M 2019 9M 2021 9M 2022 9M 2019 9M 2021 9M 2022 Sales revenues in mEUR Sales revenue growth in % 51
Slide 52: EBIT on all-time high with 22% growth
EBIT on all-time high with 22% growth EBIT margin at 22% in 9M 2022 +108% +14% +7% +12% +22% 132 142 160 64 134 163 -60% 26% 25% 26% 22% 23% 14% 9M 2017 9M 2018 9M 2019 9M 2020 9M 2021 9M 2022 EBIT in mEUR EBIT margin in % EBIT growth in % 52
Slide 53: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in mEUR 9M 2022 9M 2021 Non-current assets 234 216 Inventories 101 77 Trade receivables 163 117 Other assets 86 44 Liquid funds 252 307 Total assets 836 761 Equity 613 581 Non-current liabilities 33 35 Current prov
Slide 54: Capex targeted for growth and efficiency
Capex targeted for growth and efficiency Due to delayed projects capex in 2022 lower than expected 43 40 40 32 30 31 30 - 29 26 35 25 14 12 2017 2018 2019 2020 2021 2022e The years 2019 and following include Depreciation/amortisation in mEUR depreciation resulting from IFRS 16. Investments in mEUR 5
Slide 55: Dividend 2021
Dividend 2021 Dividend of 7.50 Euros and special dividend of 2.50 Euros 15.09 The basic dividend represents a return to 13.84 the traditionally high payout ratio of around 12.58 70% of net profits. 11.18 10.88 2.00 The special dividend is intended to 2.00 9.50 2.50 8.80 compensate shareholders parti
Slide 56: Employee satisfaction remaining on high level
Employee satisfaction remaining on high level 87% of our employees are proud to work for RATIONAL 2,356 This summer we again conducted a global 2,258 2,248 2,180 employee satisfaction survey. 2,113 1,884 The three main strengths of RATIONAL are › the satisfaction of employees with their working rela
Slide 57: Why we will stay successful
Why we will stay successful Crises are creating new opportunities – we will benefit from them. › Enormous free market potential for the iCombi (3.6 million kitchens) and the iVario (1.5 million kitchens) will ensure constant demand in the coming years. › The growing shortage of skilled workers in th
Slide 58: Sales revenue and profit outlook for 2022
Sales revenue and profit outlook for 2022 2022 expected to develop better than originally forecasted › Material availability has improved since August, leading to higher production and sales volumes. This is expected to continue in Q4 2022. › In addition, strong after-sales business, price increases
Slide 59: What may we expect in the future?
What may we expect in the future? 59
Slide 60: The crisis is causing risks …
− Restrictions in tourism, event and restaurant business etc. The crisis is − Less business travel, more home office. causing − More home cooking and cold nutrition. risks … − Consolidation of dealers and end- customer sectors. − Growing second-hand market. − Limitation of investment behaviour of ou
Slide 61: … but also numerous chances.
− New customer groups gaining in importance (retail, … but also delivery, dark kitchens...). numerous − Government program support investments. − Higher spending per restaurant visit expected. chances. − More focus on hygiene and healthy cooking methods. − More pressure on efficiency in professional
Slide 62: Positive megatrends for RATIONAL
Positive megatrends for RATIONAL › Worldwide population That is how the world of tomorrow lives growth. › Varying catering loations. › Increasing purchasing power in developing countries. › Increasing hygiene requirements in kitchens. › Increased meaning of efficient kitchen processes. › Demand for
Slide 63: 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 64: RATIONAL share price development
RATIONAL share price development Markets remain volatile 64
Slide 65: Investment recommendations: Broad Coverage
Investment recommendations Broad Coverage Median Fair Value = 595 euros Sell; 2 Buy; 6 Hold; 6 Status: November 2022 65
Slide 66: Investor relations contact, Financial calendar
Investor relations contact Financial calendar Company information Financial calendar 2022 RATIONAL AG 24.03.2021 Financial Figures Fiscal Year 2021 (virtual) Siegfried-Meister-Straße 1 04.05.2022 General Shareholder‘ Meeting 2022 (virtual) 86899 Landsberg am Lech 11.05.2022 Financial Figures Q1 2022
Slide 67: RATIONAL
RATIONAL
Slide 68: 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