08.11.2016 RATIONAL AG  DE0007010803

DGAP-News: RATIONAL AG: succesful business performance in the first nine months of 2016 (news with additional features)

DGAP-News: RATIONAL AG / Key word(s): Quarterly / Interim Statement RATIONAL AG: succesful business performance in the first nine months of 2016 (news with additional features) 08.11.2016 / 07:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- RATIONAL AG - Statement on the first nine months of 2016 Landsberg am Lech, 8 November 2016 RATIONAL AG - succesful business performance in the first nine months of 2016 - RATIONAL presents new SelfCookingCenter(R) - New compact class standard: - SelfCookingCenter(R) XS - Group-wide sales revenues increase by 8% - Worldwide growth - Gross margin of 62% - EBIT margin of 27% - 72% equity ratio - 87 million euros in operating cash flow - FRIMA sales grow by 23% - 145 new employees in the first nine months - Outlook confirmed RATIONAL presents new SelfCookingCenter(R) In the third quarter, RATIONAL successfully launched its new SelfCookingCenter(R) in Europe. It will be rolled out in the overseas markets by the end of the year. Key new features are improved ease of use, a triple-glazed door for greater energy efficiency, a bright LED-lit cooking cabinet and an oven door seal that is twice as resilient. New compact class standard: SelfCookingCenter(R) XS In addition, the launch of the compact SelfCookingCenter(R) XS marks the first time a product in this size category will be offered. Despite its extremely small dimensions, it delivers the full RATIONAL performance and cooking intelligence. It is the only compact appliance in the professional market to feature a fresh steam generator. The smallest SelfCookingCenter(R) matches the cooking quality, performance, precision and economy of larger models in every way. It is perfect for use at food stations in à-lacarte environments, supermarkets, service stations or butchers' shops, and as a primary or back-up appliance in restaurants or in mass catering. Group-wide sales revenues increase by 8% In the third quarter, the Landsberg-based company continued its successful performance of the first six months, increasing sales revenues by 7% to 153.1 million euros (previous year: 143.0 million euros). RATIONAL's sales revenues grew by 8% in the nine-month period compared to the previous year. In total, sales revenues of 436.1 million euros were generated (previous year: 403.5 million euros). The currencies of relevance to RATIONAL fell on average against the euro compared to the previous year. As a result, sales revenue performance in the year to date has been negatively impacted by exchange rate fluctuations. This has been mainly attributable to the weakness of the pound sterling and of emerging market currencies. After exchange rate adjustments, sales revenue growth after nine months stood at 10%. Worldwide growth - FRIMA expands faster than average The main growth drivers in the third quarter were the Asian and American markets. After a slow start to the year, which was attributable to, among other factors, very strong growth in the previous year, the Asian market saw impressive growth figures in the third quarter of this year. Particularly in China, RATIONAL grew significantly as a result of a major contract from a fast food chain. The additional good performance in India and Japan helped Asia expand by 26% in the third quarter. After nine months, the region's sales revenues were up 11% on the previous year. In the Americas, the growth trend of the first six months continued (+15%). All the individual markets contributed to this development, although the USA was once again the largest individual market. Sales revenues in the Americas also increased by 15% in the nine-month period. The weakness against the euro of all relevant currencies in the region weighed on performance. Adjusted for these factors, sales revenue growth in the Americas stood at 23% in the third quarter, while the nine-month growth rate was 18%. Germany, our home market, performed well again, expanding by 8% in the third quarter. This took growth for the nine-month period to 12% in the German market. In the rest of Europe, business performance was good in the third quarter, with the exception of the Russian and UK markets. Performance in the Russian market in the third quarter was down significantly in comparison with the previous year's quarter. The reason for that was a high level of orders in the prior-year quarter due to the price increase announced for August 2015. However, sales revenues in the third quarter exceeded those of the first two quarters of 2016, meaning that the recovery trend has not been broken. In the UK, sales revenues were down significantly on the previous year, mainly due to the weakness of the pound sterling. Adjusted for these currency effects, they were similar to the previous year's. Overall, sales revenue growth in Europe stood at 2% in the third quarter; adjusted for the negative currency effects, the growth rate was 7%. Europe's sales volume expanded by 6% in the nine-month period, or 9% after exchange rate adjustments. FRIMA's business again grew faster than average in the third quarter. Segment revenues increased by 16% to 12.5 million euros (previous year: 10.8 million euros). For the nine-month period, FRIMA's sales revenues were up 23% to 32.9 million euros (previous year: 26.8 million euros). An important contributor to this development is the new VarioCooking Center(R) 112L. Launched in February, it is in great demand among customers. FRIMA's growth was broad-based across all markets. After initial start-up difficulties in the UK, sales of the VarioCooking Center(R) were positive. Demand in Japan also continued to increase significantly. Gross margin of 62% In the first nine months of 2016, the company achieved gross profit on sales of 269.5 million euros (previous year: 250.9 million euros). This equates to an increase of 6% compared with the previous year. At 61.8%, the gross margin remained at the high level of the previous year (62.2%). The reason for the slight decline, by 0.4 percentage points, is firstly the faster-than-average business growth in markets with lower margins and with customers with lower price levels. Secondly, it was attributable to the fact that, as expected, the compact appliance generated slightly lower margins and incurred the normal startup costs stemming from the adjustment of the production and logistics processes as part of the product changeover. EBIT margin of 27% EBIT (earnings before interest and taxes) stood at 116.3 million euros, slightly up on the previous year (116.1 million euros). An EBIT margin of 27% was achieved after nine months (previous year: 29%). Operating costs rose significantly faster than earnings, by 16.7 million euros or 12% to 151.3 million euros, compared with 134.7 million euros in the first nine months of 2015. This increase was largely attributable to sales and service, which saw a rise of 14% to 113.6 million euros (previous year: 99.3 million euros). The expenses incurred up to 30 September 2016 related primarily to the launch of the new SelfCookingCenter(R) models and the SelfCookingCenter(R) XS at 26 events throughout Europe. In addition, costs were incurred for completely new and expanded marketing materials in up to 40 languages and the new website with its integrated dealer portal. Further costs stem from the boost enjoyed by the global sales and service organisation, which was due to increases in capacity and support provided by the extension of central marketing and service processes. Research and development costs incurred for the continuous improvement of products and services rose by 12% to 18.5 million euros in the nine-month period, compared with 16.5 million euros in the prior-year period. The capitalisation of development costs in the past few months affected both periods in similar amounts (1.7 million euros in each case) and has no noticeable impact on the year-on-year comparison. After nine months, general administration expenses amounted to 19.2 million euros, up 2% on the prior-year period (18.9 million euros). EBIT was negatively impacted by translation effects on foreign currency positions as of the reporting date. These effects account for a significant portion of other operating expenses and income, reducing earnings by 2.1 million euros. In the prior-year period, the negative effect had only amounted to 0.3 million euros. Adjusted for negative currency effects, EBIT rose by 8%. Net earnings stood at 88.8 million euros at the end of September (previous year: 88.6 million euros), a year-on-year increase of 0.2 million euros. The tax ratio was virtually unchanged at just under 24%. 72% equity ratio At 72% (previous year: 74%) on 30 September 2016, the equity ratio was at its customary high level. Cash and cash equivalents, at 240.9 million euros (previous year: 232.5 million euros), represent 49% of total assets (previous year: 53%). 87 million euros in operating cash flow In the first nine months of the current fiscal year, our cash flow from operating activities was 87.2 million euros (previous year: 97.0 million euros). The year-on-year decline was mainly attributable to a slightly higher increase in inventories and receivables compared with the previous year. The cash flow from investing activities includes investments in property, plant and equipment and in intangible assets. In the nine-month period, they amounted to 18.6 million euros, a year-on-year increase of 10 million euros. The increase is primarily attributable to redevelopment and renovation measures at the Landsberg location and in Wittenheim (FRIMA). The cash flow from financing activities mainly reflects the dividend distribution in May and the repayments of principal and interest payments on outstanding loans up to the end of March; it amounted to -85.6 million euros in the period under review (previous year: -81.6 million euros). Good performance in both segments - FRIMA expands faster than average The RATIONAL segment, which represents the production and sale of the SelfCookingCenter(R) and the CombiMaster(R) Plus, grew its sales by 7% in the first nine months of 2016, to 406.3 million euros (previous year: 379.6 million euros). Segment earnings amounted to 111.2 million euros, slightly down on the previous year (111.4 million euros). After adjustment for the aforementioned currency effects, the RATIONAL segment grew its sales revenues by around 9% and its EBIT by 7%. FRIMA produces and markets the VarioCooking Center(R). Segment sales in the first nine months were 32.9 million euros, up 23% on the prior-year period (26.8 million euros). Segment earnings amounted to 5.1 million euros for the nine-month period, an increase of 13% compared with the previous year (4.5 million euros). One major driver of this positive trend is the market launch of the VarioCooking Center(R) 112L in February 2016. Currency effects play only a minor role at FRIMA because its business is conducted mainly in Europe. 145 new employees recruited Around 150 new posts are to be created worldwide in fiscal year 2016. The focus is, in particular, on further expanding the global sales and service organisation. 145 new employees had been added as of the end of September 2016, almost half of them in Germany. Most of the new jobs are in sales, sales-related functions and technical service. Outlook confirmed The vast majority of RATIONAL and FRIMA customers are so satisfied with the products and services that they would buy them again at any time and also recommend them to friends and colleagues. This rating was also confirmed in relation to the launch of the new product range. Given the aforementioned and based on the large market potential and the, on balance, robust forecasts for the global economy, the Executive Board of RATIONAL AG believes the company is well placed to continue on the growth path of recent years. It confirms the growth forecast for fiscal year 2016, given in the 2015 Annual Report. Contact person: RATIONAL Aktiengesellschaft Stefan Arnold Head of Investor Relations Tel. +49 (0)8191 327-2209 Fax +49 (0)8191 327-722209 E-mail: [email protected] www.rational-online.com Editorial note: The RATIONAL Group is the global market and technology leader for thermal preparation of food in professional kitchens. The company, founded in 1973, employs around 1,700 people, around 900 of whom are in Germany. RATIONAL was floated in the Prime Standard of the German stock market in 2000 and is currently represented in the MDAX. The company's principal objective is to offer maximum customer benefit at all times. Internally RATIONAL is committed to the principle of sustainability, which is expressed in its policies on environmental protection, leadership, job security and social responsibility. Numerous international awards bear witness to the high quality of RATIONAL's work year on year.
m EUR                         9M 2016           9M 2015        Change in %
Sales revenues                  436.1             403.5                 +8
Gross profit                    269.5             250.9                 +7
Gross margin in %                61.8              62.2                  -
EBIT                            116.3             116.1                 +0
EBIT margin in %                 26.7              28.8                  -
Net income                       88.8              88.6                 +0
Earnings per share               7.81              7.79                 +0
(in EUR)

m EUR                         Q3 2016           Q3 2015        Change in %
Sales revenues                  153,1             143,0                 +7
Gross profit                     94,0              90,2                 +4
Gross margin in %                61,4              63,1                  -
EBIT                             42,7              42,2                 +1
EBIT margin in %                 27,9              29,5                  -
Net income                       32,6              32,5                 +0
Earnings per share               2,87              2,86                 +0
(in EUR)

Disclaimer This quarterly statement contains forward-looking statements that are based on assumptions and expectations at the time the statement is published. They are subject to risks and uncertainties and the actual results may differ significantly from those in the forward-looking statements. Many of these risks and uncertainties are determined by factors that are outside the influence of RATIONAL AG and cannot be assessed reliably at present. They include future market conditions and economic trends, the actions of other market players, and legal and political decisions. RATIONAL AG is also not obligated to publish revisions to these forward-looking statements in order to reflect events or circumstances that have occurred after they were published. --------------------------------------------------------------------------- Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=NTBJDBMSLV Document title: RATIONAL AG - Statement on the first nine month of 2016 --------------------------------------------------------------------------- 08.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: RATIONAL AG Iglinger Straße 62 86899 Landsberg a. Lech Germany Phone: 0049 8191 327 2209 Fax: 0049 8191 327 722209 E-mail: [email protected] Internet: www.rational-online.com ISIN: DE0007010803 WKN: 701080 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 517403 08.11.2016

Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 564,23 613,01 702,10 777,86 843,63 649,59 773,00
EBITDA1,2 169,00 176,41 199,40 218,99 248,36 136,08 187,00
EBITDA-Marge3 29,95 28,78 28,40 28,15 29,44 20,95 24,19
EBIT1,4 160,21 166,51 187,57 205,01 223,38 106,81 157,70
EBIT-Marge5 28,39 27,16 26,72 26,36 26,48 16,44 20,40
Jahresüberschuss1 121,79 127,11 143,00 157,31 171,50 80,10 115,00
Netto-Marge6 21,59 20,74 20,37 20,22 20,33 12,33 14,88
Cashflow1,7 142,96 129,49 145,94 144,33 198,64 92,69 0,00
Ergebnis je Aktie8 10,71 11,18 12,58 13,84 15,09 7,04 10,70
Dividende8 7,50 10,00 11,00 9,50 5,70 4,80 6,50
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

WKN Kurs in € Einschätzung Börsenwert in Mio. €
701080 817,400 Halten 9.293,84
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
63,86 35,60 1,79 76,99
19,34 100,27 14,31 66,45
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
4,80 6,50 0,80 04.05.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
11.05.2022 04.08.2022 03.11.2021 24.03.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-2,79% 2,35% 7,34% 15,37%
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Spezialmaschinenbau , 701080 , RAA , XETR:RAA