Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — FY2021 Earnings Presentation
24 slides from Rational Aktiengesellschaft's earnings presentation, May 2022
Slide 1: Earnings Call Fiscal Year 2021
Fast. Precise. Versatile. Consistently enhanced. Earnings Call Fiscal Year 2021
Slide 2: Agenda
Agenda 1. Review Fiscal Year 2021 2. Current situation in Q1 2022 3. Outlook on Fiscal Year 2022 4. Q&A Session 2
Slide 3: High customer satisfaction: NPS of 61
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 3
Slide 4: Freson Bros. Customer Success Story
Freson Bros. Customer Success Story › Freson Bros. is a chain of supermarkets that have been serving Alberta, Canada, for over 65 years. › In 2013, they began exploring new equipment that could help expand their hot foods offering at their various locations, and that's when they were first introduce
Slide 5: Sales revenues grow by 20% compared to previous year
Sales revenues grow by 20% compared to previous year Recovery slowed down by components’ shortage in Q4 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 % 6
Slide 6: 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 7: Global electronical component shortage
Global electronical component shortage Overall situation remains challenging and unpredictable. 500% › Normal level of order backlog used to be 450% below 1 month. 400% 350% › Due to high order intake and limited 300% availability of electronical components, 250% order backlog rose to 300 m EUR or 2
Slide 8: 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 9: 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 % 10
Slide 10: Prices on raw materials continued to rise in Q4 2021
Prices on raw materials continued to rise in Q4 2021 Cost pressure on suppliers and RATIONAL is constantly increasing. Price development1 Jan 2018 - Dec 2021 › Price increases are reflected in many 240% different areas such as alloy surcharge, 220% chemistry and plastics. 200% 180% › RATIONAL increa
Slide 11: 4%-points EBIT margin improvement in 2021
4%-points EBIT margin improvement in 2021 Material shortages interrupt further recovery of EBIT. 2021 vs. 2020 › COGS: higher component in mEUR 2021 2020 2019 Change Margin Impact1 and raw material prices. sales revenue 780 650 844 +20% --- COGS -350 -289 -346 +21% -0,4% › Sales and Service: still l
Slide 12: 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 % 13
Slide 13: EBIT grows by 50% in 2021
EBIT grows by 50% in 2021 Earnings in Q2 and Q3 near pre-crisis level › Q1 2021 earnings were still affected by 250 223 +9 % Covid-19 related restrictions 200 64 +50 % › Q2 2021 was on pre crisis level both in 160 sales and EBIT -52 % Q4 150 26 61 107 › Higher material and component costs and 50 Q3
Slide 14: 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 15: Investing in the future of RATIONAL
Investing in the future of RATIONAL The new home of the iVario › Construction of the new customer centre, administration building, and production facility started in April 2021. › Total investment volume until 2023 will be 31 million EUR. › The new energy-efficient buildings allow us to create an er
Slide 16: 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 17
Slide 17: 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 18: 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 19: Global electronical component shortage continues
Global electronical component shortage continues Latest developments increase uncertainty in the supply chain. › First quantities of second supplier for 500% ? processors in March – higher quantities 450% from April onwards. 400% 350% ? 300% › Currently 11,000 units pre-assembled 250% and ready to b
Slide 20: Prices on raw materials continued to rise in 2022
Prices on raw materials continued to rise in 2022 Further development is difficult to predict. Price development1, 2 › Price increases are reflected in many Jan 2021 - Dec 2021 ? different areas such as alloy surcharge, 240% chemistry and plastics. 220% › Second price increase (6% on units, 200% ? 9
Slide 21: Geopolitical risks
Geopolitical risks The current situation in Ukraine and Russia › Our thoughts and prayers are with everyone which is affected by this humanitarian catastrophe in the Ukraine. Several aid initiatives under way. › We reacted quickly and moved the families of our Ukrainian employees to safety at our Po
Slide 22: 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 23: Please send your questions to ir@rational-online.com
Please send your questions to ir@rational-online.com
Slide 24: 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