Slide 1: Earnings Call – Fiscal Year 2020
re-imagined re-invented Earnings Call – Fiscal Year 2020 Landsberg am Lech, 24 March 2021
Slide 2: Agenda
Agenda 1. Important events of Fiscal Year 2020 2. Final figures for Fiscal Year 2020 3. Forecast and outlook 2021 4. Your questions 2
Slide 3: Important events in Fiscal Year 2020
Important events in Fiscal Year 2020 Management Summary 1. Impact of the COVID-19 pandemic and measures of RATIONAL 2. Launch of the completely new product generations iCombi and iVario 3
Slide 4: Different impact of lockdown on customer segments
Different impact of lockdown on customer segments RATIONAL Sales restricted due to social distancing 1. Restaurants, hotels, parts of catering (plant or school cafeterias…) need to close or face reduced customer volume. Lockdowns can be ordered at short notice (cf. Germany Easter period). As consequ
Slide 5: Measures for our customers
Measures for our customers RATIONAL is reliable, even in a crisis! 1. Close communication ensured through our sales teams with our customers despite office closures, contact restrictions and lockdowns. 2. Our products could and can be ordered and delivered as usual at any time without substantial de
Slide 6: Measures to protect the workforce worldwide
Measures to protect the workforce worldwide Health of all employees and partners as top priority 1. Contact and hygiene measures in all locations lead to only isolated positive COVID-19 cases at RATIONAL facilities worldwide. 2. Maximum number of employees working from home and considerable digitali
Slide 7: Measures to ensure supply capability in Landsberg and Wittenheim
Measures to ensure supply capability in Landsberg and Wittenheim 1. No break of inbound and outbound supply chains since Corona outbreak in China. 2. Units, spare parts, accessories, cleaners always available. 3. Components available at any time, but in some cases with sharp price increases. 4. Seve
Slide 8: Measures to protect the company
Measures to protect the company 1. Cost-cutting program active since early 2020 and tightened from March on. 2. Review of planned investments – for some investments time stretching or waiving depending on the development. 3. Use of short-time work or similar instruments. 4. Reduction of the 2019 div
Slide 9: iCombi Pro – The new gold standard
iCombi Pro The new gold standard. Reliable desired result. High productivity. Optimal planning. Effective cleaning. 9
Slide 10: iVario Pro – The new performance class
iVario Pro The new performance class. Reliable results. Intelligent heating technology. Intelligent heating zone management. 10
Slide 11: ConnectedCooking
ConnectedCooking The connected kitchen made by RATIONAL
Slide 12: A tried and tested team
A tried and tested team For 90 % of all cooking processes in professional kitchens 12
Slide 13: Jörg Walter new Chief Financial Officer
Jörg Walter new Chief Financial Officer Introduction Supervisory Board appointed Mr. Jörg Walter as Chief Financial Officer effective 1 March 2021. Since 2011 at RATIONAL. Qualified financial expert from our own ranks. Diplom-Wirtschaftsingenieur (Industrial Engineering Graduate). Held senior commer
Slide 14: Key figures of the Fiscal Year 2020
Key figures of the Fiscal Year 2020 Financial stability remains high - sovereignty preserved 650 mEUR -23% 55% 16% Decrease Gross EBIT- Sales revenues Sales revenues margin Margin 93 mEUR 80% 31 mEUR 231 mEUR Operating Equity Investments Liquidity Cash Flow ratio 14
Slide 15: First sales revenue decrease since 2009
First sales revenue decrease since 2009 Growth trend suspended due to coronavirus crisis 844 778 702 650 613 564 +14 % +9 % +15% +11 % +9 % +15% -23 % 2015 2016 2017 2018 2019 2020 Sales revenues in mEUR Sales revenues growth in % 15
Slide 16: Drop in sales revenues in Q2 – stabilisation in 2nd half-year
Drop in sales revenues in Q2 – stabilisation in 2nd half-year Sales revenues per quarter 231 205 213 194 181 183 168 117 -7% -43% -21% -21% Q1 Q2 Q3 Q4 Sales revenues in mEUR 2019 2020 Sales revenues growth in % 16
Slide 17: All regions affected by the crisis
All regions affected by the crisis 2020 sales revenues share per region Germany (-16 %) North America 13 % 17% 45 % (-29 %) Europe (-22 %) 16% Asia (-15 %) (excl. Germany) Latin America 4 % (-48 %) Rest of the World 5 % (-23 %) Sales revenues in % of total (Sales revenues growth in %) 17
Slide 18: iVario with lower decrease in sales revenues
iVario with lower decrease in sales revenues Sales revenue growth per product group Sales revenues combi-steamer Sales revenues VarioCookingCenter/iVario 769 - 25 % 581 -7% 75 69 FY 2019 FY 2020 FY 2019 FY 2020 Sales revenues in mEUR Sales revenues growth in % 18
Slide 19: EBIT-Margin despite sales drop on a good level
EBIT-Margin despite sales drop on a good level 2020: EBIT-Margin above 16% +13 % +9 % +8 % +10 % +4 % 160 167 189 205 223 107 Mio. € -52 % 28 % 27 % 27 % 26 % 26 % 16 % 2015 2016 2017 2018 2019 2020 EBIT change in % EBIT-Margin in % 19
Slide 20: Lower business development reduces operating cash flow
Lower business development reduces operating cash flow Fiscal Years 2015 to 2020 199 143 146 144 129 93 +27 % -9 % +13 % -1 % +38 % +15% -53 % 2015 2016 2017 2018 2019 2020 Cash flow in mEUR Development in % 20
Slide 21: Solid balance sheet gives security and flexibility
Solid balance sheet gives security and flexibility High equity ratio and liquidity position FY 2020 FY 2019 Non-current assets 217 204 Inventories 79 66 Trade receivables 99 125 Other assets 45 123 Liquid funds 231 181 Total assets 671 699 Equity 535 517 Non-current liabilities 34 35 Current provisi
Slide 22: Targeted investments for growth and efficiency
Targeted investments for growth and efficiency Investment in employees, infrastructure and products 43 40 40 31 29 25 25 19 14 12 9 10 2015 2016 2017 2018 2019 2020 Investments in mEUR The years 2019 and 2020 include depreciation resulting from IFRS 16. Depreciation/amortisation in mEUR 22
Slide 23: We live our social responsibility
We live our social responsibility Moderate reduction in headcount After the crisis, the market will recover: 2,258 2,180 2,113 Working together with as many U.i.U. as -3.5 % possible to get through the crisis. 1,884 1,713 1,530 Hiring freeze, restraint in filling job vacancies. Reduction of overtime
Slide 24: Dividend 2020
Dividend 2020 Average payout ratio of around 70% Earnings per share 15.09 13.84 Reduced dividend 2019 with outbreak of first 12.58 wave of coronavirus crisis to secure liquidity. 10.71 11.18 Proposed dividend 2020 of 4.80 Euro. 2.20 2.00 7.04 9.50 Return to high payout ratio of around 68%. 8.80 7.50
Slide 25: Forecast and outlook 2021
Forecast and outlook 2021 Our current expectation Due to the extension and tightening of the corona measures in many countries, we stay cautious. We expect: - Slight sales growth, in the mid single-digit percentage range, and - An EBIT margin at around the level of the previous year. 25
Slide 26: Evaluation of the financial situation
Evaluation of the financial situation More opportunities than risks Opportunities Risks Lockdowns lead to reduced costs in As long as the pandemic is not marketing, sales and travel. under control, increased volatility of sales development. Catch-up effects triggered by 1. Sudden increase of end cus
Slide 27: Stable Q1 2021
Stable Q1 2021 Growth expected as of Q2 2021 Sales revenues in Q1 2020 were only marginally affected by the impact of the corona crisis, a decrease in sales revenues for Q1 2021 close to 10% compared to the prior-year quarter is expected. EBIT-margin in Q1 in range of the full year forecast 2021. Fr
Slide 28: Investor Relations Contact
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 29: Questions via chat or email
Please send us your questions via the chat function in the GoToWebinar application or send it to us via email (ir@rational-online.com)