A different kind of inspiration. Telephone Conference Fiscal Year March 2018

Transcription

1 A different kind of inspiration. Telephone Conference Fiscal Year March 2018

2 The basis of our success In the past as well as in the future Concentration on professional kitchens Specialisation in cooking Maximum customer benefit The entrepreneur in the company RATIONAL AG Telephone Conference FY

3 7.6 billion people live on earth + 80 million more each year 120,000,000 dishes are prepared using RATIONAL appliances every day 1,900 employees worldwide 93% very satisfied customers 3

4 850,000 Combi-steamers sold since ,000 VarioCookingCenters sold since

5 Economical and efficient Energy and resource efficiency in large kitchens More than 500,000 RATIONAL appliances are currently used around the world Up to 50% less water is used in comparison with traditional cooking technology At least 20% less cooking loss a saving of 250,000 tons of meat per year Up to 60% less energy consumed compared with traditional cooking technology total savings of around 40 million megawatt hours per year corresponding to the energy consumption of approx. 10,000 single-family homes per year Appliances are designed for a service life of at least 10 years even with intensive use More than 90% of the components are recyclable with minimum technical effort RATIONAL AG Telephone Conference FY

6 Our contribution to healthier nutrition More nutrients, fewer harmful substances More secondary plant nutrients More vitamins More trace elements More minerals Fewer harmful substances through the cooking process Fewer harmful substances from water Fewer hard-to-digest carbohydrates Less fat RATIONAL AG Telephone Conference FY

7 Shareholdings and Supervisory Board Changes during 2017 Siegfried Meister passed away on 28 July 2017 Equity stake transferred to the community of heirs Continuity in the Supervisory Board: Walter Kurtz took over as Supervisory Board Chairman Dr. Georg Sick joined the Supervisory Board Corporate strategy remains unchanged No impact to operations In memory of Siegfried Meister Siegfried Founder Meister and Founder and Chairman of the Supervisory Chairman of Supervisory Board RATIONAL AG * RATIONAL AG Telephone Conference FY

8 Family business Hall of Fame Posthumous tribute to Siegfried Meister on 17 January RATIONAL AG Telephone Conference FY

9 The SelfCookingCenter XS The new global standard in the compact class The only compact appliance with a steam generator and automatic cleaning functionality Less than ½ m 2 storage space Already around 8,000 XS units sold As Combi-Duo XS solution (two appliances on top of each other) also very popular Successful market launch in all regions Advantage for dealers: complete range of combi-steamers now available from RATIONAL Hardly any noticeable cannibalisation of the next appliance size RATIONAL AG Telephone Conference FY

10 The new CombiMaster Plus Launched in May 2017 New: ready to use again quickly thanks to automatic cleaning New: automatic descaling New: triple-pane glass door New: now also as XS format The tailor-made solution for chefs who are looking for a classic combi-steamer and want to operate it manually RATIONAL AG Telephone Conference FY

11 ConnectedCooking. The connected kitchen made by RATIONAL. 11

12 Convenience. Security. Inspiration. Everything under control at all times. Push notification HACCP Updates Remote access Transfer cooking programs 12

13 ConnectedCooking application enhancements Dashboard, My Display and P value function Dashboard Operating statistics on the use of the appliances Information on cleaning HACCP data Service status Quality assurance My Display: customization of the display P-value function: analysis of pasteurisation values RATIONAL AG Telephone Conference FY

14 2017: Excellent results Facts and figures 14

15 The food service industry A growth industry around 3-4% growth p.a. Sustained high level of investment confidence in the food industry 70-80% of all companies surveyed plan to invest at least the same amount as in 2017 The industry structure mainly unchanged isolated new entrants or takeovers RATIONAL is the only niche supplier with strong organic growth Competition growth mostly only through acquisitions, RATIONAL gains market share RATIONAL AG Telephone Conference FY

16 RATIONAL grows successfully and organically 2017: 15% record sales revenue growth % +6% +8% +14% +9% +15% Sales revenue in m EUR Sales revenue growth in % RATIONAL AG Telephone Conference FY

17 Worldwide success 2017: Above-average growth in the Americas and Asia 2017 share of sales revenues: +14 % Europe (excl. Germany) 47% 2017 sales revenue growth: +12% Germany 13% +7% Sales revenues by region North America 16% Latin America 6% Asia 13% Rest of the world 5% +24% +31% +19% +4% RATIONAL AG Telephone Conference FY

18 Successful performance in both product segments VarioCookingCenter with exceptional growth Sales revenues combi-steamers Sales revenues VarioCookingCenter % % Sales revenues in m EUR Sales revenues growth in % RATIONAL AG Telephone Conference FY

19 Sustained high EBIT margin level 2017: F/X effects and forward-looking investments absorbed % 28% 29% 28% 27% 27% +20% +5% +13% +10% +4% +13% EBIT (m EUR) EBIT margin in % Growth compared to previous year in % RATIONAL AG Telephone Conference FY

20 High operating cashflow Business model with low capital intensity and a lean supply chain % -8% +9% +27% -9% +13% Operating cash flow in m EUR Growth compared to previous year in % RATIONAL AG Telephone Conference FY

21 Solid balance sheet provides security and flexibility High equity ratio and liquidity FY 2017 FY 2016 Non-current assets Inventories Trade receivables Other assets Liquid funds Total assets Equity Non-current liabilities Current provisions Current liabilities Equity & liabilities (total) RATIONAL AG Telephone Conference FY in m EUR

22 Targeted investments for growth and efficiency Investment in employees, infrastructure and products Capital investments Depreciation/ amortisation RATIONAL AG Telephone Conference FY 2017 in m EUR 22

23 Investing in the future Record levels in 2017 Expansion of production capacity in Landsberg Investments in infrastructure Investments in IT systems 170 new employees hired 2017: 43 million euros in capital investments Investments on a similar level planned for 2018 Feasibility study of USA production site underway RATIONAL AG Telephone Conference FY

24 Share price outperformed benchmark indices Around 6 billion euros market capitalisation RATIONAL AG Telephone Conference FY

25 Attractive dividend policy More than 70% payout ratio on average Fiscal year euros dividend per share 2.20 euros special dividend euros total payout 87% payout ratio In the long term Sustainable and flexible payout policy on a high level Earnings per share Dividend per share in EUR Special dividend in EUR RATIONAL AG Telephone Conference FY

26 Outlook Positive megatrends for RATIONAL Varied catering locations (e.g. supermarkets, football stadiums) Global population growth and high life expectancy Chef s position becoming less attractive Trend towards healthier and more variety of food Increasing purchasing power in developing countries Increasing share of single households Increasing energy and occupancy costs, increasing pressure to be efficient in the food service industry RATIONAL AG Telephone Conference FY

27 FRIMA becomes RATIONAL Even stronger together Since 2017, the VarioCookingCenter has been marketed in many European markets under the brand RATIONAL From 2018, the product lines combi-steamers and VarioCookingCenter are combined under the RATIONAL umbrella brand, with sales and consulting merged worldwide Leveraging the strength of the RATIONAL brand for faster and deeper market penetration of the VarioCookingCenter RATIONAL AG Telephone Conference FY

28 Completion of the new assembly hall in Landsberg Production scheduled to start mid-year RATIONAL AG Telephone Conference FY

29 Key accounts success story Latest example: IHG Group/Holiday Inn Hotels Holiday Inn Express has created a new and improved breakfast concept with the RATIONAL SelfCookingCenter The first mid-scale segment hotel brand to use the combi-steamer technology for breakfast preparation It provided a window of opportunity for us to upgrade from a re-thermalized breakfast to a fresh-cooked breakfast without a high skill level needed to operate. David Neves Head of Food & Beverage IHG RATIONAL AG Telephone Conference FY

30 Forecast 2018 Expected continuation of growth seen in recent years Financial KPIs Forecast 2018 Sales/sales revenue growth High single-digit growth Gross margin Slightly above 60% Operating costs Slightly faster rate of increase relative to sales revenue EBIT Increase roughly proportional to sales revenue EBIT margin 26 to 28% DSO (days) Around 48 days Equity ratio Around 70% Investments Around 50 million euros RATIONAL AG Telephone Conference FY

31 RATIONAL AG Telephone Conference FY