Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — Investor Presentation (August 2019)
48 slides from Rational Aktiengesellschaft's investor presentation, August 2019
Slide 1: A different kind of inspiration
A different kind of inspiration For the professional kitchens of the world IR Presentation HY 2019
Slide 2: Success factors
Success factors › Concentration on professional kitchens › Specialisation in “thermal cooking” › Maximum customer benefit › The entrepreneur in the company 2
Slide 3: For People
For People That prepare hot food in professional kitchens 3
Slide 4: High customer satisfaction
High customer satisfaction Above average number of Apostles Mercenaries Apostles [27%] [49%] Source: Kantar TNS / MI (2016-2019) – in 14 markets with RATIONAL subsidiaries 14% 74% [x]: Average of the manufacturing industry worldwide 6% 6% Satisfaction Rebels Hostages [17%] [7%] Loyality 4
Slide 5: Billion people live on earth
7.6 + 80 billion people live on earth million more each year 130,000,000 dishes are prepared using RATIONAL appliances every day 4,000,000 potential professional kitchens >90% recommendation rate 5
Slide 6: BMW Group testimonial
"I decide on the desired result, RATIONAL does the rest, and I can rely absolutely 100% on the quality." BMW Group Kurt Rass, Kitchen Manager BMW Group Munich, Germany 6
Slide 7: Quanjude Group testimonial
"Without RATIONAL, we would not be able to prepare 20,000 Peking ducks every day with such high quality." Quanjude Group Yan Dajian, Head of R&D, P.R. China 7
Slide 8: Nando's International testimonial
"They know what they do and understand what we need. We believe that RATIONAL is simply the perfect partner." Nando’s International Partner for more than 25 years 8
Slide 9: For kitchens
For kitchens In which 20 or 20,000 dishes are prepared 9
Slide 10: Combi-Steamers and VarioCookingCenter produced
1,000,000 Combi-Steamers produced since 1976 35,000 VarioCookingCenter® produced since 2005 10
Slide 11: Worldwide presence, close to the customer
Worldwide presence Close to the customer Local presence in more than 32 120 subsidiaries countries More than 4,000 partners worldwide 11
Slide 12: The world market potential
The world market potential More than 4 million professional kitchens 10 million 10 million kitchens kitchens Potential for Combi-Steamers Potential for VarioCookingCenter® 4 million kitchens 2 million kitchens 12
Slide 13: High untapped market potential for both product groups
High untapped market potential for both product groups Aiming to substitute traditional equipment in professional kitchens 2 % VarioCookingCenter® 12 % RATIONAL 13 % Competitors 1 % Competitors 75 % Traditional appliances 97 % Traditional appliances More than 4 m adressable kitchens for More than 2
Slide 14: Our customers worldwide
Our customers worldwide Establishments with over 20 meals per service ~45% Restaurants with service ~40% Mass Catering ~5% ~10% Restaurants without service Retail Graphic refers to the number of sold appliances 14
Slide 15: For food
For food Whose quality is setting standards 15
Slide 16: For customer benefit
For customer benefit That exceeds all expectations 16
Slide 17: More customer benefit
Higher earnings Economies of scale Higher attractivity Higher More productivity customer Customer benefit benefit Positive Rising learning demand curve 07.08.2019 \ Unternehmenspräsentation 2018 17 Growth
Slide 18: The SelfCookingCenter
The SelfCookingCenter® - Intelligent and powerful Grilling. Pan frying. Baking. Steaming. In one single appliance. 18
Slide 19: The VarioCookingCenter
The VarioCookingCenter® - Grilling. Cooking. Frying 0 Up to 4 times faster and with up to 40% less energy consumption 19
Slide 20: An unbeatable team
An unbeatable team 90% of all cooking processes in professional kitchens or 20
Slide 21: Recurring after-sales-business
Recurring after-sales-business Gaining more and more importance Share of total sales revenues 27% Extensive Accessories Care products Service parts Consulting services 21
Slide 22: All-in-2: SelfCookingCenter & VarioCookingCenter
All-in-2: SelfCookingCenter ® & VarioCookingCenter® The most efficient kitchen in the world › Up to 50% space savings Conventional technology Saved space Saved space All-in-2 › Kitchens with around › 1,000 meals a day 22
Slide 23: That pays off
That pays off Restaurant with 200 meals per day Equipment Investment 1 SelfCookingCenter® 101 appr. 25,000 euros 1 VarioCookingCenter® 112 Profit* Extra earnings per month Raw material input (20% savings) 1,536 € Fat (up to 95% savings) 164 € Energy consumption (up to 50% savings) 578 € Savings for
Slide 24: The RATIONAL Customer-Product-Cycle
The RATIONAL Customer-Product-Cycle Touch points to the customer Customer identification Customer acquisition Customer loyalty PR Social Media Purchase through the dealer Consulting Appliance introduction Customer visit Print Trade fair Live- Technical service Websites event Appliance Expert kitchen
Slide 25: ConnectedCooking
ConnectedCooking The connected kitchen made by RATIONAL 25
Slide 26: Convenience. Security. Inspiration.
Convenience. Security. Inspiration. Everything under control at all times. Push notification HACCP Updates Transfer cooking Remote programs access 26
Slide 27: Superb services
Superb services For more customer benefit › Competent Consulting › Personal Start-Training › Academy RATIONAL › ConnectedCooking › ChefLine® 27
Slide 28: RATIONAL Technical Service
RATIONAL Technical Service Always available for the customer › Original spare parts › Certified service partners › Professional installation › Worldwide service network 28
Slide 29: With responsibility
With responsibility For people and the environment 29
Slide 30: The U.i.U.-Principle
The U.i.U.®-Principle Making decisions, taking responsibility › More than 2,200 employees worldwide › 89% of all employees are proud to work for RATIONAL 30
Slide 31: Practiced sustainability
Practiced sustainability Savings in resources, no loss in quality › Up to 50% less water usage* › At least 20% less raw material* › Up to 60% energy savings* › More than 90% recyclable components › Certified with ISO 9001, 14001 und 50001 › Lean operational logistics *in comparison with traditional
Slide 32: Our contribution to healthier nutrition
Our contribution to healthier nutrition More nutrients and fewer harmful substances › More vitamins › More trace elements › More minerals › More secondary plant nutrients › Less fat › Fewer harmful substances from water › Fewer hard-to-digest carbohydrates › Fewer harmful substances through the cook
Slide 33: Good results
Good results Facts and figures 33
Slide 34: Organic growth
Organic growth HY 2019: Sales revenue growth in line with expectations 778 702 613 564 497 461 367 399 +15% +6% +8% +14% +9% +15% +11% +11% +9% 2013 2014 2015 2016 2017 2018 HY 2018 HY 2019 Sales revenue in m EUR Sales revenue growth in % 34
Slide 35: World market leader for combi-steamers
RATIONAL is the world market leader for combi-steamers Because we focus on what we do best RATIONAL Competitors (about 100 worldwide) Convotherm (Welbilt), Blodgett (Middleby), MKN, Lainox & Eloma (Ali Group), Electrolux, Alto-Shaam, Unox 35
Slide 36: Worldwide success
Worldwide success HY 2019: Disproportionately high growth in the overseas markets Germany (+9%) North America 12% (+13%) 19% 46% Europe (+5%) 13% Asia (+12%) (excluding Germany) Latin America 5% (+15%) Rest of the world 5% (+14%) 36
Slide 37: Good performance for both product groups
Good performance for both product groups VarioCookingCenter® with exceptional growth Sales revenues Combi-Steamers Sales revenues VarioCookingCenter® +8% 366 339 +19% 34 28 HY 2018 HY 2019 HY 2018 HY 2019 Sales revenues in m EUR Sales revenue growth in % 37
Slide 38: High EBIT margin level
High EBIT margin level HY 2019: 25% EBIT margin +15% +11% +13% +10% +5% +4% +8% +8% 128 145 160 167 188 205 91 98 m Euro 29% 28% 28% 27% 27% 26% 25% 25% 2013 2014 2015 2016 2017 2018 HY 2018 HY 2019 Change in % EBIT margin in % 38
Slide 39: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity HY 2019 HY 2018 Non-current assets 195 148 Inventories 64 52 Trade receivables 121 119 Other assets 88 81 Liquid funds 121 106 Total assets 589 506 Equity 424 368 Non-current liabilities 38 28 Current provisions 53
Slide 40: Targeted investments for growth and efficiency
Targeted investments for growth and efficiency Investment in employees, infrastructure and products 50 43 40 25 19 19 17 14 12 9 10 8 2014 2015 2016 2017 2018 2019e Capital Investments Depreciation / amortisation in m EUR 40
Slide 41: Attractive dividend policy
Attractive dividend policy More than 70% payout ratio on average Earnings per Share Fiscal year 2018 13.84 › 9.50 euros dividend per share 12.58 11.18 10.71 › About 70% payout ratio 9.68 8.55 2.20 › Basic dividend up by 8% 2.00 9.50 8.80 In the long term 7.50 8.00 6.80 › Sustainable and flexible pay
Slide 42: Investment recommendations
Investment recommendations RATIONAL – the quality stock in the SDAX Average fair value: 570 EUR Sell 2 Buy 3 Hold 9 As of July 2019 42
Slide 43: RATIONAL share price development
RATIONAL share price development Nearly 7 billion euros market capitalisation 280 260 240 220 200 180 160 140 120 100 80 Jan 15 Apr 15 Jul 15 Okt 15 Jan 16 Apr 16 Jul 16 Okt 16 Jan 17 Apr 17 Jul 17 Okt 17 Jan 18 Apr 18 Jul 18 Okt 18 Jan 19 Apr 19 Jul 19 (Database in local currency) RATIONAL FS Indus
Slide 44: What may we expect in the future?
What may we expect in the future? 44
Slide 45: Positive megatrends for RATIONAL
Investment story Positive megatrends for RATIONAL › Worldwide growth of population › Increase in life expectancy › Increasing purchasing power in developing countries › Increasing share of single households › Healthier nutrition and a wider range of dishes › Varied catering locations (e.g. supermark
Slide 46: Our strengths profile
Investment story Our strengths profile › Two technologically leading products, leading in connectivity › By far the world market leader, huge free market potential › High brand awareness in professional kitchens › High customer satisfaction and loyalty › Global footprint of sales and service network
Slide 47: Investor Relations contact, Financial calendar
Investor Relations contact Financial calendar Company information Financial calendar 2019 RATIONAL AG 14.03.2019 Financial figures fiscal year 2018 Siegfried-Meister-Straße 1 07.05.2019 Financial figures 3M 2019 86899 Landsberg am Lech 15.05.2019 General shareholders‘ meeting 2019 Germany 22.05.2018
Slide 48: RATIONAL
RATIONAL