Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — H1 2021 Earnings Presentation
24 slides from Rational Aktiengesellschaft's earnings presentation, Aug 5, 2021
Slide 1: Earnings Call – HY1 2021
re-imagined re-invented Earnings Call – HY1 2021 Landsberg am Lech, 05 August 2021
Slide 2: Key figures Q2 2021
Key figures Q2 2021 Recovery faster and stronger than expected 212 mEUR +81% 57% 25% Increase in Gross EBIT- Sales revenues sales revenues margin Margin 62 mEUR 7 mEUR 77% 242 mEUR Operating Investments Equity Liquidity Cash Flow ratio 2
Slide 3: Special effects supporting sales growth in Q2
Special effects supporting sales growth in Q2 1. Catch-up effects: the opening up of the catering sector in most countries and the start of the tourist season prompted investments and led to the completion of projects launched earlier. 2. State aid programs: in many cases, state aid measures were us
Slide 4: Second quarter up 81% in sales revenues – above Q2 2019 level
Second quarter up 81% in sales revenues – above Q2 19 level Sales revenues per quarter 231 212 213 205 194 181 183 168 168 117 +12% -7% -7% +6% -43% +81% +9% -21% +7% -21% Q1 Q2 Q3 Q4 Sales revenues in mEUR Sales revenues growth in % 2019 2020 2021 4
Slide 5: Key figures HY1 2021
Key figures HY1 2021 379 mEUR +27% 56% 22% Increase in Gross EBIT Sales revenues sales revenues margin margin 76 mEUR 11 mEUR 77% 242 mEUR Operating Investments Equity Liquidity cash flow ratio 5
Slide 6: Sales revenues HY1 2021 by region
Sales revenues HY1 2021 by region All regions above 2020 – Asia even tops pre-Covid19 level of 2019 Sales revenues in mEUR Sales revenue growth compared to previous year 6
Slide 7: iCombi up 25% - iVario grows by 51%
iCombi up 25% - iVario grows by 51% New iVario markets such as US and China supporting growth Sales revenues iCombi Sales revenues iVario 366 -26 % +25 % 338 270 -18 % +51 % 34 42 28 HJ 2019 HJ 2020 HJ 2021 HJ 2019 HJ 2020 HJ 2021 Sales revenues in mEUR Sales revenue growth in % 7
Slide 8: 50,000 iVario / VarioCookingCenter
50,000 iVario / VarioCookingCenter 8
Slide 9: Update on market size, potential and customer groups
Update on market size, potential and customer groups RATIONAL renewed its analysis on worldwide market size and structure 1. 8-month bottom-up project headed by our Market Intelligence team. 2. We gathered market analysis data from 47 countries (15 countries more compared to 2018). 3. Additionally,
Slide 10: High untapped market potential for both product groups
High untapped market potential for both product groups Mission unchanged: replace traditional equipment 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% traditional appliances 10
Slide 11: Retail wins with Covid19 – Restaurants with service decreased
Retail wins with Covid19 – Restaurants with service decreased Distribution of sold units to Customers Segments ~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 applian
Slide 12: Customer Highlights in New York area
Customer Highlights in New York area Organic Crush: cooking intelligence enables smart growth The freshest, tastiest organic food, customised for each customer. Advanced menu management with ConnectedCooking. 12
Slide 13: Customer Highlights: 100+ units sold to ghost kitchen customers in India
Customer Highlights 100+ units sold to ghost kitchen customers in India Strong development in the new segment Ghost Kitchens in India. The signature dish is on of the key products for delivery menus in India – and perfectly suitable for a high effective bulk production in an iCombi Pro. 13
Slide 14: Customer Highlights: Scenic Eclipse II tender
Customer Highlights RATIONAL won the tender for the 6-star ultraluxury Scenic Eclipse II › Since 2019 The Scenic Eclipse I is one of the most luxury cruise ships worldwide – now The Scenic Eclipse II is under construction. › On board are 6 galleys for 9 dining experiences, all to be equipped with RA
Slide 15: Significant margin improvement in HY1 2021
Significant margin improvement in HY1 2021 High sales growth with stable operating expenses 2021 vs. 2020 › COGS: Improved productivity compared to the in mEUR HY1 2021 HY1 2020 HY1 2019 Change Margin Impact launch phase in 2020 Sales revenues 379 298 399 +27% --- COGS -166 -135 -163 +23% +1,7% › Sa
Slide 16: EBIT margin up by 13 percentage points in HY1 2021
EBIT margin up by 13 percentage points in HY1 2021 EBIT margin at 22% +207% +14% +8% +8% +32% +/-0% 74 84 91 98 74 28 85 28% 26% 25% 25% 25% 22% -72% 9% HY1 2015 HY1 2016 HY1 2017 HY1 2018 HY1 2019 HY1 2020 HY1 2021 EBIT in mEUR EBIT growth in % EBIT margin in % 16
Slide 17: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in mEUR HY 2021 HY 2020 Non-current assets 217 210 Inventories 78 84 Trade receivables 122 86 Other assets 51 49 Liquid funds 242 186 Total assets 710 615 Equity 544 472 Non-current liabilities 34 34 Current provis
Slide 18: Orderbook level has increased significantly
0% 100% 120% 140% 160% 180% 20% 40% 60% 80% Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 18 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 Orderbook level has increased significantly May-20 Orders on hand as a
Slide 19: New facility in France
New facility in France New home for iVario and the French sales organisation 19
Slide 20: New facility in France: culinary centres and meeting space
New facility in France New culinary centres and meeting space 20
Slide 21: Stable headcount building block for quick recovery
Stable headcount building block for quick recovery In Q2 2021 first headcount increase since beginning of crisis › Keeping the qualified and motivated 2,258 2,180 2,186 team on board during the crisis enables 2,113 us to manage the quick recovery. 1,884 1,713 › Short-time working hours ended in all
Slide 22: Forecast and outlook 2021 – increased guidance
Forecast and outlook 2021 – increased guidance Our current expectation for 2021 Due to the pleasing second quarter and the high order backlog, we are optimistic for the further development throughout HY2 2021. But we also remain cautious to the following risks: - New lockdown measures especially in
Slide 23: General outlook beyond 2021
General outlook beyond 2021 › Worldwide Bright future for RATIONAL population growth. › Varying catering locations. › Increasing purchasing power in developing countries. › Increasing hygiene requirements in kitchens. › Increased meaning of efficient kitchen processes. › Demand for healthier nutriti
Slide 24: Please send us your questions via email
Please send us your questions via email (ir@rational-online.com)
RATIONAL Aktiengesellschaft — H1 2021 Earnings Presentation on 6ix