Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Investor Presentation (March 2022)
66 slides from Rational Aktiengesellschaft's investor presentation, March 2022
Slide 1: Fast. Precise. Versatile. Consistently enhanced. IR Presentation FY 2021
Fast. Precise. Versatile. Consistently enhanced. IR Presentation FY 2021
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 repurchase
Slide 4: High customer satisfaction
High customer satisfaction RATIONAL „Best in Class“ with a NPS of 61 0 -20 +20 Source: B2B International (2021) – in 15 -40 +40 markets of RATIONAL AG -60 +60 Net Promoter Score: -80 +80 -100 +100 RATIONAL +61 Food & Drink Average +37 B2B Average +32 Manufacturing Average +30 4
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
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 Markus Paschmann Dr Peter Stadelmann Chief Sales & Marketing Officer Chief Executive Officer Peter Wiedemann Jörg Walter Chief Technical Officer Chief Financial Officer The RATIONAL Executive Board inspecting the construction progress in Wittenheim at
Slide 45: Great results
Great results Figures. Facts. Data. 45
Slide 46: Sales revenues grow by 20% compared to previous year
Sales revenues grow by 20% compared to previous year Full year sales slightly above 2018 level 844 778 780 702 650 613 +9% +15% +11% +9% -23% +20% 2016 2017 2018 2019 2020 2021 Sales revenues in mEuro Sales revenue growth in % 46
Slide 47: Q2 and Q3 back on pre-Covid-level
Q2 and Q3 back on pre-Covid-level Q1 impacted by Covid – Q4 by shortage in components +9% › Business started off on a subdued note in 844 +20 % January and February 2021. -23% 780 231 650 › We recorded an unexpectedly large 193 Q4 increase in orders and sales in March. 183 213 Q3 207 › Q2 and Q3 202
Slide 48: 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 48
Slide 49: Fiscal Year 2021 – Sales revenue by region
Fiscal Year 2021 – Sales revenue by region All regions growing – Asia, Germany and RoW top pre-Covid19 level 377 Europe 337 North America 295 Asia 159 140 112 120 123 102 +11% -29% +25% +14% -15% +20% 2019 2020 2021 2019 2020 2021 +7% -22% +14% 2019 2020 2021 Latin America Germany Rest of the world
Slide 50: iCombi up 20% - iVario grows by 18%
iCombi up 20% - iVario grows by 18% iCombi and iVario set new standards in the markets Sales revenues iCombi Sales revenues iVario 769 -25% +20% 698 581 -7% +18% 75 81 69 2019 2020 2021 2019 2020 2021 Sales revenues in mEUR Sales revenue growth in % 50
Slide 51: EBIT margin significantly increased
EBIT margin significantly increased EBIT margin at 21 % in fiscal year 2021 +50 % +13 % +8 % +9 % +4 % 107 167 188 205 223 160 27 % 27 % 26 % 26 % 21 % -52 % 16 % 2016 2017 2018 2019 2020 2021 EBIT in mEUR EBIT growth in % EBIT margin in % 51
Slide 52: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in mEUR 2021 2020 Non-current assets 219 217 Inventories 97 79 Trade receivables 109 99 Other assets 105 45 Liquid funds 254 231 Total assets 784 671 Equity 603 535 Non-current liabilities 34 34 Current provisions
Slide 53: Capex targeted for growth and efficiency
Capex targeted for growth and efficiency Projects postponed in 2021 will be made up in 2022 43 40 40 31 30 29 25 25 26 14 12 10 2016 2017 2018 2019 2020 2021 Investments in mEUR The years 2019 and following include depreciation resulting from IFRS 16. Depreciation/amortisation in mEUR 53
Slide 54: Dividend 2021
Dividend 2021 Dividend of 7.50 Euros and special dividend of 2.50 Euros proposed Earnings per share 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 c
Slide 55: Stable headcount important building block for quick recovery
Stable headcount important building block for quick recovery Headcount almost back at pre-crisis level Keeping the qualified and motivated team 2,258 2,248 2,180 during the crisis enables us to recover 2,113 quickly. 1,884 1,713 In the sales process, we increase real visits and cooking live events.
Slide 56: Outlook 2022
Outlook 2022 Growth path expected to continue despite overall challenges › In response to a significant rise in prices for commodities, components and logistics, we announced an increase of prices for units, accessories and cleaners in March. › We expect sales to grow by 10 to 15% compared to previo
Slide 57: What may we expect in the future?
What may we expect in the future? 57
Slide 58: 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 59: … 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 60: 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 61: 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 62: RATIONAL share price development
RATIONAL share price development Sharp share price decline, quick recovery 62
Slide 63: Investment recommendations Broad Coverage
Investment recommendations Broad Coverage Median Fair Value = 738 euros Buy; 2 Sell; 5 Hold; 6 Status: March 2022 63
Slide 64: 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 65: RATIONAL
RATIONAL
Slide 66: 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
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