Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — 9M 2023 Earnings Presentation
32 slides from Rational Aktiengesellschaft's earnings presentation, Nov 7, 2023
Slide 1: When it tastes great, we all speak the same language
When it tastes great, we all speak the same language. IR Presentation Landsberg, 7 November 2023 1
Slide 2: iCombi Pro
iCombi Pro The combi-steamer with intelligent cooking paths Reliable desired result. High productivity. Optimal planning. Effective cleaning. 2
Slide 3: iVario Pro
iVario Pro The multifunctional cooking system with contact heat Reliable results. Intelligent heating technology. Intelligent heating zone management. 3
Slide 4: ConnectedCooking
ConnectedCooking Digital kitchen management by RATIONAL Distribute cooking programs | Update unit software | Document HACCP data Make everything easier. No matter where your cooking systems are.
Slide 5: A tried and tested team
A tried and tested team For 90% of all cooking processes in professional kitchens 5
Slide 6: RATIONAL – locally rooted, globally successful
RATIONAL – locally rooted, globally successful Thanks to a worldwide partner network, we are always close to our customers 160 Production site iVario Wittenheim, France Production site iCombi million Dishes are prepared 33 Landsberg, Germany in RATIONAL appliances every day subsidiaries 120 Local pr
Slide 7: Products and services
Products and services Revenue breakdown - Equipment revenue is supplemented by recurring non-equipment revenue Aftersales business Accessories, service parts, cleaners, and services 29% iCombi 60% Worldwide sales of combi-steamers 11% iVario Worldwide sales of multifunctional cooking systems Based o
Slide 8: First-class services
First-class services For greater customer benefit › ChefLine › Expert advice › Technical Service › Academy RATIONAL 8 › Personal introduction training
Slide 9: Impressed customers – our utmost objective
Impressed customers – our utmost objective Offering maximum benefits to those preparing hot food in large and commercial kitchens ~40% Restaurants with service ~40% Community Catering ~7% ~13% Restaurants without service Retail Graphic refers to the number of sold appliances
Slide 10: The RATIONAL strategy
The RATIONAL strategy Maximum customer benefit as our primary corporate aim "In this day and age, a company has a Focus Specialisation right to exist when it fulfils its task and on large and in thermal that task is to offer benefit to the commercial food customer. The quality of this benefit Maximu
Slide 11: RATIONAL employees are entrepreneurs in the company (U.i.U)
RATIONAL employees are entrepreneurs in the company (U.i.U) Making decisions. Taking responsibility. Number of employees 2,524 2,401 2,258 2,248 2,180 2,113 87% are proud to work at RATIONAL 6% Staff turnover in 9M 2023 4% Wage increase in 2023 2018 2019 2020 2021 2022 9M 2023 12
Slide 12: Sustainability as an integral part of our business model
Sustainability as an integral part of our business model Healthy nutrition. Efficiency. Occupational safety. Long-term partner “Many companies focus their activities on Safe Satisfied rapid growth and maximising short-term workspace customers profit, and structure their organisations accordingly. At
Slide 13: Good financial performance as a result
Good financial performance as a result Figures. Facts. Data. 14
Slide 14: 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 15: Market leader RATIONAL
Market leader RATIONAL Around 50% global market share in both product groups There are ~20 million professional kitchens worldwide ~100 worldwide competitors for combi-steamer cooking systems: Ali Group, Unox, Electrolux, Hoshizaki, ITW, Alto-Shaam, MKN, Middleby …. ~50 worldwide competitors for iVa
Slide 16: 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 17: 1 billion euros in sales for the first time
1 billion euros in sales for the first time in the company's history 2022 sales revenues increased by 31% to 1,022 m EUR +High single-digit Sales revenues in m EUR +31% +8% 1,022 +11% -23% +20% 844 778 780 702 650 2017 2018 2019 2020 2021 2022 2023e* 18 *Based on analysts’ estimates (as of October 2
Slide 18: Sales revenues up 14% after 9 months of 2023
Sales revenues up 14% after 9 months of 2023 Third quarter sales revenues on previous years level Sales revenues in m EUR +25% +20% -1% 265 282 290 278 274 272 225 232 2022 2023 2022 2023 2022 2023 2022 2023e* Q1 Q2 Q3 Q4 *Based on analyst’s estimates (as of October 2023) 19
Slide 19: Strong growth in overseas regions
Strong growth in overseas regions Flourishing street business in North America boosts growth North America +30% Germany Asia 195 -2% +22% 150 111 93 92 91 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 Europe +7% 342 318 Latin America Rest of the world +24% +11% 39 49 41 45 9M 2022 9M 2023 9M 2022
Slide 20: iCombi in strong demand, iVario below previous year
iCombi in strong demand iVario due to strong growth in 9M 2022 below previous year Sales revenues in m EUR +18% iCombi iVario 746 634 -11% 98 87 9M 2022 9M 2023 9M 2022 9M 2023 21
Slide 21: EBIT grows over-proportionally
EBIT grows over-proportionally EBIT margin at 24% in 9M 2023 EBIT in m EUR +24% EBIT margin +12% -60% +22% 202 +108% 160 163 142 134 25% 26% 24% 23% 22% 64 14% 9M 2018 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 22
Slide 22: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in m EUR 9M 2022 FY 2022 9M 2023 29% Non-current assets 234 237 251 Inventories 101 116 114 13% 22% Trade receivables 163 175 165 Other assets 86 163 258 20% Liquid funds 252 208 128 Total assets 836 899 918 15% Eq
Slide 23: Operating cash flow at a high level
Operating cash flow at a high level Good earnings and reduction in working capital have a positive effect Operating cash flow in m EUR +72% 197 +33% -68% +218% -21% 141 145 115 106 46 9M 2018 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 24
Slide 24: Investments
Investments Forward-looking investments thanks to solid financial situation Depreciation/amortisation Investments in m EUR 40 40 37 31 31 32 29 30 30 25 26 14 2018 2019 2020 2021 2022 2023e *The years 2019 and following include depreciation resulting from IFRS 16. 25
Slide 25: Sales revenue and profit outlook for 2023 confirmed
Sales revenue and profit outlook for 2023 confirmed Cautiously optimistic for the current fiscal year EBIT margin Sales growth Gross profit Operating costs expected at previous year's in the high single-digit could further benefit from rise slightly faster than level, possibly slightly percentage ra
Slide 26: RATIONAL - a good investment for customers and investors
RATIONAL - a good investment for customers and investors Close to our customers – close to a basic human need Customer benefit as a … leads to attractive sales … and economic strength. driver… opportunities … Market and technology leader Presence in > 120 countries 9% CAGR (12 years)* Very high repu
Slide 27: Dividend 2022
Dividend 2022 Dividend of 11.00 Euros and special dividend of 2.50 Euros Dividend per share Special dividend per share in EUR Earnings per share 16.33 11 € Dividend per share 15.09 13.84 12.58 10.88 2.50 2.50 € Special dividend per share 2.20 11.00 9.50 2.50 8.80 7.04 7.50 5.70 83% Total payout rati
Slide 28: The RATIONAL investment story
The RATIONAL investment story RATIONAL – Opportunities and strengths profile Opportunities Strengths › Rising energy, rent and › Technologically leading cooking personnel costs systems, market leading networking solutions › Increasing shortage of › High brand awareness and skilled workers customer l
Slide 29: RATIONAL: A good investment for customers and investors
RATIONAL: A good investment for customers and investors Performance of the share since IPO in March 2000 4500% 4000% 3500% 3000% 2500% 2000% 1500% 1000% 500% 0% * Jan. 00 Jan. 01 Jan. 02 Jan. 03 Jan. 04 Jan. 05 Jan. 06 Jan. 07 Jan. 08 Jan. 09 Jan. 10 Jan. 11 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 16 J
Slide 30: Analysts' investment recommendation
Analysts' investment recommendation Broad Coverage Median Fair Value = 632 euros Buy; 3 Sell; 3 Hold; 11 Status: November 2023 31
Slide 31: Investor relations contact
Investor relations contact Financial calendar Company information Calendar 2023 RATIONAL AG 24.03.2023 Financial Figures Fiscal Year 2022 (virtual) Siegfried-Meister-Straße 1 04.05.2023 Financial Figures Q1 2023 (virtual) 86899 Landsberg am Lech 10.05.2023 General Shareholder‘ Meeting 2023 (Augsburg
Slide 32: 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