Slide 1: Global success driven by customer benefits
Global success driven by customer benefits IR-Presentation Fiscal Year 2015 RATIONAL AG – IR-Presentation Fiscal Year 2015 0
Slide 2: Our basis for success
Our basis for success 1. Customer Benefit Primary corporate objective: Success of our customers “We offer the most beneficial solutions to the people working in commercial kitchens concerning their thermal cooking tasks.” 2. Concentration & Specialisation 3. Employees/U.i.U.®-philosophy RATIONAL AG
Slide 3: Basis for success: 1. Customer Benefit
Basis for success: 1. Customer Benefit RATIONAL AG – IR-Presentation Fiscal Year 2015 2
Slide 4: Our customers: Professionals serving more than 30 meals a day
Our customers: Professionals serving more than 30 meals a day Community catering Staff canteen Restaurants/Hotels Schools Universities Hospitals Senior citizens homes Military Prisons Cruise ships … Supermarkets/ Department stores Caterer Independent caterers (Fast food-) chains Party services RATIO
Slide 5: We are the company of Chefs for Chefs
We are the company of Chefs for Chefs We employ around 300 Chefs working in different processes Pre-Sales Application Application Application consulting research development We show We advise and train We analyse We optimize existing our customers how our customers on eating habits, cooking processe
Slide 6: Worldwide market potential of more than 3 million kitchens
Worldwide market potential of more than 3 million kitchens 10% SelfCookingCenter 20% Combi-steamer 1% VarioCooking Center technology (other) 70% Traditional appliances 99% Traditional appliances Market potential Market potential SelfCookingCenter® VarioCooking Center 5 Senses MULTIFICIENCY® RATIONAL
Slide 7: By focussing on the right objective everything else follows automatically
By focussing on the right objective everything else follows automatically RATIONAL AG – IR-Presentation Fiscal Year 2015 6
Slide 8: Basis for success: 2. Concentration and Specialisation
Basis for success: 2. Concentration and Specialisation RATIONAL AG – IR-Presentation Fiscal Year 2015 7
Slide 9: The SelfCookingCenter
The SelfCookingCenter® The only cooking system in the world which senses, recognises, thinks ahead, learns from the Chef and communicates with the Chef. Prepares different dishes at the same time Achieves exact cooking results which the Chefs desire, even for large quantities Contains a fully automa
Slide 10: Our Combi Steamer technology revolutionises professional kitchens
Our Combi Steamer technology revolutionises the professional kitchens of the world since decades Heat transfer via steam, hot air and the combination of both Combi-Steamer CombiMaster ClimaPlus Combi SelfCooking SelfCookingCenter® Center® whitefficiency®/ 5 Senses 1976 1986 1997 2004 2011/2014 RATIO
Slide 11: The SelfCookingCenter: iCookingControl, iLevelControl
The SelfCookingCenter® iCookingControl® Cooks exactly according to the specifications. iLevelControl Variety at the same time, prepared stress free. HiDensityControl® The patented basis for top quality. Efficient CareControl Economical sparkling and hygienic result at the press of a button. RATIONAL
Slide 12: iCookingControl: Reliably implements the chef's wishes
iCookingControl® Reliably implements the chef‘s wishes Select the end result ready! It senses and recognises the size, load quantity and condition of the products The ideal cooking path is determinded interactively during the cooking process The desired result is achieved in dialogue with
Slide 13: iLevelControl: Clever mixed loads
iLevelControl Clever mixed loads Prepares different dishes at the same time Actively displays which products go together Pre-defined shopping carts for breakfast, mise en place, à la carte and grill applications Individually programmable shopping carts Country-specific shopping carts from
Slide 14: HiDensityControl: The desired top quality
HiDensityControl® The desired top quality – even for large quantities Heat is always distributed uniformly and powerfully with dynamic air mixing Precise steam temperatures and maximum steam saturation with efficient regulation Crispy crusts, succulent roasts, intense flavours and colours, eve
Slide 15: Efficient CareControl: Clean and economical
Efficient CareControl Clean and economical Fully automatic cleaning and care system Recognises the cleaning status and proposes the optimum quantity of cleaning agent Removes even the most stubborn dirt thoroughly and economically and avoids time consuming descaling RATIONAL AG – IR-Presentati
Slide 16: RATIONAL Remote
RATIONAL Remote – Everything under control on your mobile. Übersetzung kommt am Montag von Frau Kühn!!! RATIONAL AG – IR-Presentation Fiscal Year 2015 15
Slide 17: The VarioCooking Center
The VarioCooking Center® Replaces the remaining 50% of the traditional cooking appliances in a professional kitchen. Cooking intelligence through VarioCooking Control®. Clean and ready to use in a matter of seconds. Up to 4 times faster as conventional cooking equipment. No sticking or burning. Simi
Slide 18: The VarioCooking Center
The VarioCooking Center® Cooking with direct contact heat or in liquid, boiling, frying, deep-frying VarioCooking Center VarioCooking Center VarioCooking VarioCooking Center MULTIFICIENCY® MULTIFICIENCY® Center® MULTIFICIENCY® Table-top model 112 T Table-top model 112 L 2005 2011 2014 2016 RATIONAL
Slide 19: The new VarioCooking Center 112 L
The new VarioCooking Center® 112 L Fills the gap between a 28 and a 100 litre appliance – in-between size with 50 litre Model 112 T 112 L 211 Working 2 x 14 litre 2 x 25 litre 100 litre capacity Cooking 24 dm2 38 dm2 42 dm2 surface RATIONAL AG – IR-Presentation Fiscal Year 2015 18
Slide 20: All-in-2: SCC + VCC and the kitchen is complete
All-in-2: SCC + VCC … and the kitchen is complete! Frying, boiling Grilling, steaming, vegetables, gratinating, baking, milk based dishes, fermenting, finishing® soups and sauces, pressure-cooking Roasting, braising, simmering, stewing, poaching, blanching, low-temperature-cooking, overnight roastin
Slide 21: ROI calculation shows quick return for our clients
ROI calculation shows quick return for our clients ROI calculation for a customer Example: Restaurant with 200 meals per day 1 SelfCookingCenter® 5 Senses 101 1 VarioCooking Center MULTIFICIENCY® 112 Investment is about 25,000 € Return / Benefit Extra earnings per month Less raw material input
Slide 22: Additional services for our customers
Additional services for our customers Pre-Sales After Sales The CookingLive seminars Comprehensive ”Full Service Package“ for maximum customer Professional advice from Chef to Chef benefit: Cooking together under real conditions Chef✆Line® CookingLive participants: Club-RATIONAL 95,000 86,000 Academ
Slide 23: Basis for success: 3. Employees/U.i.U.-philosophy
Basis for success: 3. Employees/ U.i.U.®-philosophy RATIONAL AG – IR-Presentation Fiscal Year 2015 22
Slide 24: Employee quality is corporate quality
Employee quality is corporate quality 1,530 1,424 1,341 1,263 1,224 106 new jobs worldwide in 2015, thereof 45 in sales and marketing and 14 in R&D Employees in Germany: 865 (+55 compared with the previous year) 150 new jobs planned for 2016 in total 2011 2012 2013 2014 2015 RATIONAL AG – IR-P
Slide 25: The entrepreneur in the company (U.i.U.)
The entrepreneur in the company (U.i.U.®)… … has holistic responsibilities. … makes all necessary decisions by oneself. … makes mistakes and learns from them. … is on equal footing – without hierarchies. … has a look for the whole picture. 94% of all employees are proud to work for RATIONAL. RATIONA
Slide 26: Specialised process organisation in all corporate divisions
Specialised process organisation in all corporate divisions RATIONAL AG – IR-Presentation Fiscal Year 2015 25
Slide 27: The integrated simultaneous innovation process
The integrated simultaneous innovation process 495 patents and patent applications Preparation Conversion Series Definition Concept Concept Pilot Prototyping for series of product production period period validation series production lines management 1. Project blueprints are approved 6. Point of no
Slide 28: The production and logistics process
The production and logistics process Customer Quality- Assembly Packaging Dispatch Customer order test Assembly lines Built to customer order If required by the customer, lead time: only 1 day Only one interface from production to dispatch High flexibility One employee assembles one comple
Slide 29: High-performance Supply Chain Management
High-performance Supply Chain Management Principle of customer orders Flow principle Active Lean philosophy! Control of processes Principle of responsibility RATIONAL AG – IR-Presentation Fiscal Year 2015 28
Slide 30: Management Board: Paschmann, Stadelmann, Wiedemann, Kaufmann
Markus Paschmann, CSO Dr Peter Stadelmann, CEO Peter Wiedemann, CTO Dr Axel Kaufmann, CFO Born in 1966 Born in 1965 Born in 1959 Born in 1969 With RATIONAL since 2013 With RATIONAL since 2012 With RATIONAL since 1988 With RATIONAL since October 2015 Professional career: Professional career: Professi
Slide 31: Our success
Our success RATIONAL AG – IR-Presentation Fiscal Year 2015 30
Slide 32: Customer quote: Kairaba Lounge, Munich
“RATIONAL and FRIMA are a perfect fit on the smallest Footprint.“ Nico Jahnke Head Chef Kairaba Lounge, München RATIONAL AG – IR-Presentation Fiscal Year 2015 31
Slide 33: Customer quote: Vasa Restaurant, Stockholm
“Thanks to RATIONAL nobody needs to oversee the cooking process.“ David Green Head Chef Vasa Restaurant Stockholm, Schweden RATIONAL AG – IR-Presentation Fiscal Year 2015 32
Slide 34: Customer quote: Jin Bai Wan, Peking
Junsheng Kang Vice General “When preparing Peking ducks, RATIONAL Manager units are not only the key component for Jin Bai Wan Peking, China delivering excellent results – but also offer advantages in terms of space and environmental performance.“ RATIONAL AG – IR-Presentation Fiscal Year 2015 33
Slide 35: Customer quote: Mocotó, São Paulo
Rodrigo Olivera “RATIONAL is the coolest toy of all. Restaurant management Mocotó São Paulo, In the matter of precision the Brasilien SelfCookingCenter® is the most important member of our team.“ RATIONAL AG – IR-Presentation Fiscal Year 2015 34
Slide 36: Customer quote: Roswell School District, USA
„By using RATIONAL appliances, we can offer the students a balanced and healthy nutricion that they really like.“ Lyman Graham Director Food Service, Roswell School District, New Mexico, USA RATIONAL AG – IR-Presentation Fiscal Year 2015 35
Slide 37: Focus market USA – differentiated channels of distribution
Focus market USA – differentiated channels of distribution Sales performance – number of appliances 3 Business Units: 3,500 1. Street business with own sales force in the urban 3,000 regions around the coast 2,900 2,700 2. Cooperation with ”Sales representatives” in the 2,000 remaining area 3. Chain
Slide 38: High satisfaction
Most of our customers are “Apostles” High satisfaction [28%] Apostles [47%] 9% 83% 3% 5% Low/ [17%] [8%] Low/ High loyality Source: Infratest [x]: average of the surveyed manufacturing companies worldwide RATIONAL AG – IR-Presentation Fiscal Year 2015 37
Slide 39: Global presence around the world
Global presence around the world New subsidiaries in Singapore, Turkey and Colombia Local Presence in over 100 countries through independent sales partners subsidiary representative office exclusive partner/OEM RATIONAL AG – IR-Presentation Fiscal Year 2015 38
Slide 40: Awards for customer orientation and quality
Awards for customer orientation and quality Chefs’ Choice Award 2016 Winner in the category “Best Combi-Steamer” and “Best Equimpent Brand“ (Restaurant magazine’s annual Chefs’ Choice Awards) Best of Market 2015 Winner in the category “Combi-Steamer“ (Magazine “first class“, “24 Stunden Gastlichkeit
Slide 41: Awards for innovation and sustainability
Awards for innovation and sustainability Most innovative medium-sized enterprise in Germany First place (Magazine “WirtschaftsWoche“, consulting company Munich Strategy Group (MSG)) Kitchen Innovations Award 2015 For the SelfCookingCenter® 5 Senses (National Restaurant Association USA) Energy Star f
Slide 42: RATIONAL is, by far, the world market leader
RATIONAL is, by far, the world market leader RATIONAL Europe 49% Germany 13% 54% excluding Germany (FY 2014: 13%) (GY 2014: 53%) Americas 19% (FY 2014: 16%) Sales split Market share by region Asia 13% (FY 2014: 12%) Competition Rest of the world 6% 46% (FY 2014: 6%) Main competitors (around 100 worl
Slide 43: 2015 very successful year: 14% growth in sales revenues
2015 very successful year 14% growth in sales revenues (currency-adjusted +10%) Sales revenues in m EUR Growth in sales revenues to PY (in %) 564 497 461 435 392 +12% +11% +6% +8% +14% 2011 2012 2013 2014 2015 Sales revenues since foundation RATIONAL AG – IR-Presentation Fiscal Year 2015 42
Slide 44: Stable cost and earnings structure
Stable cost and earnings structure FY FY 2015 2014 Sales revenues 100% 100% Cost of sales -38% -39% Sales & service -25% -25% Research & development -4% -4% Administration & others -5% -3% EBIT 28% 29% RATIONAL AG – IR-Presentation Fiscal Year 2015 43
Slide 45: EBIT grows by 10% – EBIT-margin 28%
EBIT grows by 10% – EBIT-margin with 28% still on a high level (currency adjusted 27%) EBIT in m EUR 160 EBIT-margin in % Comments: 145 Growth compared to PY in % High Gross Margin due 128 to strong market share 123 and brand awareness 102 Lean Organisation, 29% proven cost discipline 28% 28% 28
Slide 46: High operating Cash Flow due to a less capital-intensive business model
High operating Cash Flow due to a less capital-intensive business model Operating Cash Flow in m EUR 143 Growth compared to PY in % Comments: Business Model and 112 Value Chain in general 111 allow high Cash Returns 103 Net income in 2015: 122 million euros (PY: 110 million euros) 68 Free Cash
Slide 47: Balance sheet provides security and entrepreneurial flexibility
Balance sheet provides security and entrepreneurial flexibility (In m EUR) FY 2015 FY 2014 Non-current assets 87 76 Inventory 31 30 Accounts receivables 90 83 Other assets 8 9 Liquid funds 267 225 Total assets 483 423 Equity 356 311 Non-current liabilities 32 31 Current provisions 37 31 Current liab
Slide 48: Constant investments for growth and efficiency
Constant investments for growth and efficiency Investments in m EUR 19 Depreciation in m EUR 17 12 9 9 8 7 7 7 6 Planned costs in 2016 for rebuilding plant 1 2011 2012 2013 2014 2015 in Landsberg: about 5.5 million euros RATIONAL AG – IR-Presentation Fiscal Year 2015 47
Slide 49: Attractive dividend policy
Attractive dividend policy 10.71 Earnings per share in euro 9.68 8.55 Dividends per share 8.20 7.50 in euro 6.93 6.80 6.00 * Subject to the 5.70 5.50 approval of the 2016 annual general meeting 2011 2012 2013 2014 2015* RATIONAL AG – IR-Presentation Fiscal Year 2015 48
Slide 50: Research coverage
Research coverage Average Fair Value = 366 euros Analysts' Ratings Buy; 2 Hold; 10 Status: March 15, 2016 RATIONAL AG – IR-Presentation Fiscal Year 2015 49
Slide 51: What may we expect in 2016?
What may we expect in 2016? RATIONAL AG – IR-Presentation Fiscal Year 2015 50
Slide 52: Investmentstory: Megatrends positive for RATIONAL
Investmentstory Megatrends positive for RATIONAL Worldwide growth of population Higher life expectancy Increasing purchasing power in emerging countries Increasing share of single households Trend to healtier nutrition Wider range of dishes Varied dish sites (e. g. supermarkets, gas st
Slide 53: Investmentstory: RATIONAL strength profile
Investmentstory RATIONAL strength profile Two superior products: 1. The RATIONAL SelfCookingCenter® 5 Senses 2. The FRIMA VarioCooking Center MULTIFICIENCY® By far the world market leader, huge free market potential High brand awareness in professional kitchens High customer satisfaction and
Slide 54: Investor relations contact, financial calendar
Investor relations contact, financial calendar Company information Financial calendar 2016 RATIONAL AG 22 Mar 2016 Financial Figures FY 2015 Iglinger Str. 62 Press conference (Munich) 86899 Landsberg am Lech Analyst conference (Frankfurt) Germany 04 May 2016 Annual General Meeting (Augsburg) www.rat