Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — H1 2021 Earnings Presentation
64 slides from Rational Aktiengesellschaft's earnings presentation, August 2021
Slide 1: IR Presentation HY 1 2021
re-imagined re-invented IR Presentation HY 1 2021 1
Slide 2: For people: preparing hot food in large and commercial kitchens
For people Preparing hot food in large and commercial kitchens 2
Slide 3: High customer satisfaction
High customer satisfaction Above average number of apostles Mercenaries Apostles [49%] [27%] Source: Kantar TNS / MI (2016-2020) – in 14 markets with RATIONAL subsidiaries [x]: Average of the manufacturing industry 8% 85% worldwide 4% 3% Satisfaction Rebels Hostages [17%] [7%] Loyality 3
Slide 4: Billion people living on earth
7.8 billion people are living on earth +80million more every year 140,000,000 Dishes are prepared in RATIONAL appliances every day 4,000,000 Potential professional kitchens >90% Recommendation rate 4
Slide 5: For kitchens
Forkitchens In which 20 or 20,000 meals are prepared 5
Slide 6: Combi-steamers produced since 1976
> 1,000,000 combi-steamers produced since 1976 > 50,000 Multifunctional cooking systems produced since 2005 6
Slide 7: Worldwide presence, close to the customer
Worldwide presence Close to the customer Local presence in more than 31 120 subsidiaries countries More than 4,000 partners worldwide 7
Slide 8: 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 9: 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 9
Slide 10: For food
For food That sets standards in terms of quality 10
Slide 11: 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 11
Slide 12: For healthy nutrition
For healthy nutrition With more nutrients and less pollutants 12
Slide 13: For a customer benefit
For a customer benefit That exceeds all expectations 13
Slide 14: Greater customer benefit
Higher Cost profits degression Greater attraction Greater Higher productivity customer benefit Customer benefit Positive Increasing learning demand curve 14 Growth
Slide 15: 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 16: RATIONAL production sites
RATIONAL production sites Landsberg/Lech Wittenheim 16
Slide 17: iCombi Pro
iCombi Pro The new golden standard. 17
Slide 18: Intelligent and powerful
Intelligent and powerful Grilling. Roasting. Baking. Steaming. All in one appliance 18
Slide 19: iCombi Pro: the new golden standard
iCombi Pro The new golden standard Reliable desired result. High productivity. Optimal planning. Effective cleaning. 19
Slide 20: iVario Pro
iVario Pro The multifunctional cooking appliance with contact heat 20
Slide 21: Roast. Boil. Frying.
Roast. Boil. Frying. 0 Up to 4 times faster, up to 40% less power consumption 21
Slide 22: iVario Pro: the new performance class
iVario Pro The new performance class Reliable results. Intelligent heating technology. Intelligent heating zone management. 22
Slide 23: 50,000 iVario / VarioCookingCenter
50,000 iVario / VarioCookingCenter 23
Slide 24: An investment that pays off
An investment that pays off. Limited Service Hotel (350 rooms, breakfast, à-la-carte) Conventional technology iCombi Pro 45% Space-saving 2 x tipper 2x iCombi Pro 10-1/1 1 x damper 1 x 4-Zone induction stove 1 x 4-zone induction stove Savings: 1 x grill Up to 45 % less space consumption 1 x deep fry
Slide 25: ConnectedCooking
ConnectedCooking The connected kitchen made by RATIONAL 25
Slide 26: ConnectedCooking: the connected kitchen
ConnectedCooking The connected kitchen made by RATIONAL 26
Slide 27: A tried and tested team
A tried and tested team For 90% of all cooking processes in professional kitchens 27
Slide 28: For services
For services That inspire long-term 28
Slide 29: First-class services
First-class services For greater customer benefit › Expert advice › Personal introduction training › Academy RATIONAL › ConnectedCooking › ChefLine 29
Slide 30: RATIONAL Technical Service
RATIONAL Technical Service Always at the customer’s service › Original service parts › Certified service partners › Professional installation › Global service network 30
Slide 31: International success stories
International success stories RATIONAL at work 31
Slide 32: 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 32
Slide 33: 35% less energy
35% less energy Hilton, Birmingham 33
Slide 34: The all-round carefree package
The all-round carefree package Nando‘s, International 34
Slide 35: How do they do it?
How do they do it? 35
Slide 36: With employees
With employees Who are committed and inspire 36
Slide 37: With the U.i.U.-principle
With the “U.i.U.”-principle Making decisions, assuming responsibility 37
Slide 38: With courage
Withcourage To reinvent customer benefit 38
Slide 39: With 1,000 chefs
With 1,000 chefs At work every day 4 chefs, 4 journeys 39
Slide 40: With new talent
Withnew talent 80 apprentices and students 40
Slide 41: With responsibility
Withresponsibility For people and the environment 41
Slide 42: Everything for the one goal
Everything for the one goal Happy customers 42
Slide 43: The Executive Board
The Executive Board For customers and employees Dr Peter Stadelmann Markus Paschmann Jörg Walter Peter Wiedemann Chief Executive Officer Chief Sales & Marketing Officer Chief Financial Officer Chief Technical Officer 43
Slide 44: Great results
Great results Figures. Facts. Data. 44
Slide 45: Q2 2021 - Sales revenues slightly above pre-crisis level
Q2 2021 - Sales revenues slightly above pre-crisis level 3% increase compared to Q2 2019 844 778 702 650 613 564 HY: 399 298 379 Q2: 205 117 212 -43% +81% Q1: 194 181 +15% +14% +9% 168 +9% +15% +11% +9% +9% -23% -23% +15% +11% +11 % -7% -7% -7% -7% 2015 2016 2017 2018 2019 2020 HJ 2019 HJ 2020 HJ 20
Slide 46: 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 46
Slide 47: Sales revenues HY1 2021 by region
Sales revenues HY1 2021 by region All regions above 2020 – Asia even tops pre-Covid19 level of 2019 Sales revenues in mEUR Sales revenues growth compared to previous year 5% 47
Slide 48: iCombi up 25% - iVario grows by 51%
iCombi up 25% - iVario grows by 51% New iVario markets such as US and China supporting growth Sales revenues iCombi Sales revenues iVario 366 -26 % +25 % 338 270 -18 % +51 % 34 42 28 HJ 2019 HJ 2020 HJ 2021 HJ 2019 HJ 2020 HJ 2021 Sales revenue in mEUR Sales revenue growth in % 48
Slide 49: Significant margin improvement in HY1 2021
Significant margin improvement in HY1 2021 High sales growth with stable operating expenses 2021 vs. 2020 › COGS: Improved productivity compared to the in mEUR HY1 2021 HY1 2020 HY1 2019 Change Margin Impact launch phase in 2020 Sales revenues 379 298 399 +27% --- COGS -166 -135 -163 +23% +1,7% › Sa
Slide 50: EBIT margin significantly increases by 13 percentage points
EBIT margin significantly increases by 13 percentage points EBIT margin at 22% in HY1 2021 +206 % +13 % +8 % +9 % +10 % +4 % 223 107 84 160 167 189 205 28 28 % 27 % 27 % 26 % 26 % -52 % -72 % 22 % 16 % 9% 2015 2016 2017 2018 2019 2020 HY 2020 HY 2021 EBIT in mEUR EBIT growth in % EBIT margin in % 50
Slide 51: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in mEuro HY 2021 HY 2020 Non-current assets 217 210 Inventories 78 84 Trade receivables 122 86 Other assets 51 49 Liquid funds 242 186 Total assets 710 615 Equity 544 472 Non-current liabilities 34 34 Current provi
Slide 52: Capex targeted for growth and efficiency
Capex targeted for growth and efficiency All time high in 2021 to get ready for market potentials >50 43 40 40 31 32 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 (~9 mEUR Depreciation/amortisat
Slide 53: 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 54: Stable headcount
Stable headcount Q2 2021: 1st time headcount increase since beginning of crisis. After the crisis, the market will recover: Get 2,258 through the crisis together with as many 2,113 2,180 2,186 U.i.U. as possible. 1,884 1,713 Continue to exercise restraint in filling 1,530 vacancies. Reduce overtime,
Slide 55: What may we expect in the future?
What may we expect in the future? 55
Slide 56: 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 57: But also numerous chances
− New customer groups gaining in importance (retail, … but also delivery, dark kitchens...). − Government program support investments. numerous − Higher spending per restaurant visit expected. chances. − More focus on hygiene and healthy cooking methods. − More pressure on efficiency in professional
Slide 58: 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. › Íncreasing hygiene requirements in kitchens. › Increased meaning of efficient kitchen processes. › Demand for
Slide 59: 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 60: RATIONAL share price development
RATIONAL share price development Sharp share price decline, quick recovery 60
Slide 61: Investment recommendations: broad coverage
Investment recommendations Broad Coverage Median Fair Value = 635 euros Buy; 1 Hold; 3 Sell; 9 Status: August 2021 61
Slide 62: Investor relations contact, financial calendar
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 63: RATIONAL
RATIONAL
Slide 64: 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