04.05.2016 RATIONAL AG  DE0007010803

DGAP-News: RATIONAL AG: (news with additional features)


 
DGAP-News: RATIONAL AG / Key word(s): Quarterly / Interim Statement RATIONAL AG: (news with additional features) 04.05.2016 / 07:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- RATIONAL AG - Statement on the first quarter of 2016 Landsberg am Lech, 4 May 2016 RATIONAL AG - successful start into fiscal year 2016 - Group-wide sales revenues increase by 9% - Growth driven by Europe and the Americas - Gross margin of 62% - EBIT margin of 24% - currency-adjusted: 27% - 78% equity ratio - 8 million euros in operating cash flow - FRIMA grows by 32% - 66 new employees in the first quarter - Outlook confirmed RATIONAL AG - successful start into fiscal year 2016 Group-wide sales revenues increase by 9% RATIONAL AG was able to continue its successful business performance in 2015 in the first quarter of 2016. Year-on-year growth was 9%. In total, sales revenues of 135.7 million euros were generated (previous year: 124.7 million euros). The currencies of relevance to RATIONAL fell on average against the euro compared to the previous year. Accordingly, sales revenues were negatively impacted by fluctuations in exchange rates. In particular, the weakness of the pound sterling, but also of currencies in emerging countries, was responsible for this effect. After exchange rate adjustments, sales revenues growth in the first quarter stood at 11%. Growth driven by Europe and the Americas The main growth drivers of business in the year to date were European markets. In particular, our home market of Germany delivered impressive growth of 22%. RATIONAL is benefiting here increasingly from the fact that the SelfCookingCenter(R) can be used to prepare a growing range of dishes thanks to its continuous further development. Moreover, the positive trend in company catering and orders from new customer groups, such as supermarkets or bakeries, also helps increasing market penetration in Germany. The exceptional performance in the first three months of 2016 was also attributable to pull-forward effects due to price harmonisation in German-speaking markets. This will normalise in the further course of the year. FRIMA, too, was able to grow by more than 20% in Germany. In the rest of Europe, growth is due in particular to a recovery in the Russian market, a very good business performance by FRIMA in France, and further consolidation of our good market position in Austria and the Netherlands. Overall, sales revenues in the rest of Europe were increased by 8% compared to the previous year, or by 10% after exchange-rate adjustments. Despite the fact that it still accounts for a relatively low share of total sales revenues, the FRIMA VarioCooking Center(R) was able to make a major contribution to our success in Europe with an increase of 42%. One important reason for that is the market launch of our new table-top unit VarioCooking Center(R) 112L in February. In the Americas region, our important market of the USA was the strongest growth driver with an increase in sales revenues of 25% compared to the first quarter of last year. In particular, business with small customers was again very successful. Apart from the USA, Canada and the Latin American markets also contributed to growth in the region - but to a lesser extent. The regions Asia and "Rest of the World" closed the first quarter of 2016 with sales revenues slightly below those for the same period of the previous year. This is mainly due to declining sales revenues in China and the ASEAN countries. One of the reasons for that is a basis effect from last year, since both regions impressed with particularly high rates of increase in the first quarter of 2015. Gross margin of 62% In the first quarter of 2016, we generated a gross profit of 83.9 million euros (previous year: 75.3 million euros). This equates to growth of 11% compared to the previous year. The gross margin was 62% (previous year: 60%), slightly above the already high level of the same quarter of the previous year and at the level of fiscal year 2015. The good gross margin is primarily attributable to the constant efficiency gains in manufacturing, as well as continuing positive contributions from commodity price movements. EBIT margin of 24% - currency-adjusted: 27% EBIT (earnings before interest and taxes) stood at 32.2 million euros, 8% down on the previous year (previous year: 35.0 million euros). An EBIT margin of 24% was achieved in the first quarter (previous year: 28%). Whereas the increase in operating costs was disproportionately small relative to sales revenues, there were negative impacts on EBIT and the EBIT margin from currency effects. Operating costs rose compared to the first quarter of 2015 by 6% to 49.1 million euros (previous year: 46.1 million euros). After exchange rate adjustments, the increase was 8%. The increase was largely attributable to sales and service, which saw a rise of 8% to 36.9 million euros (previous year: 34.0 million euros). Further investments were made here in the global sales and service organisation. Administration expenses rose by 5% and were 6.5 million euros after three months (previous year: 6.2 million euros). Research and development expenses declined slightly in the first quarter to 5.7 million euros (previous year: 5.9 million euros). That is mainly attributable to capitalisation of development expenses to an amount of 0.8 million euros in the past quarter. No development services were capitalised in the first quarter of the previous year. After adjusting for this effect, development expenses increased by 10%. Translation effects on our foreign currency positions in other operating expenses and income had a negative impact on our EBIT in the first quarter. This led to a decrease of 2.6 million euros in earnings. In the first three months of the previous year, there was a positive effect of 5.8 million euros. After exchange rate adjustments, RATIONAL achieved an EBIT margin of 27% (previous year: 23%). Net earnings for the first quarter were 24.5 million euros, a year-on-year decrease of 2.1 million euros (previous year: 26.6 million euros). The tax ratio was virtually unchanged at 24%. 78% equity ratio At 78 % (previous year: 77%) on 31 March 2016, the equity ratio was at its customary high level. Cash, cash equivalents and short-term deposits, at 264.8 million euros (previous year: 237.1 million euros), represented around 54% of total assets (previous year: 54%). 8 million euros in operating cash flow Due to the fact that sales revenues in the first quarter accounts for a relatively small share of the total figure for the year for seasonal reasons, the operating cash flow in this period is usually relatively low. In the first three months of the current fiscal year, our cash flow from operating activities was 8.2 million euros, slightly down on the previous year (13.2 million euros). The decline is mainly due to the somewhat lower net earnings for the period and the sharper reduction in provisions for personnel costs and bonuses for sales partners compared to the previous year. The cash flow from investing activities includes investments in property, plant and equipment and in intangible assets. In the first quarter, these amounted to 4.0 million euros, 2.0 million euros up on the previous year. The increase is mainly the result of capitalisation of development costs to an amount of 0.8 million euros (previous year: 0 million euros) and reconstruction and renovation measures at Landsberg and Wittenheim (FRIMA). The cash flow from financing activities mainly reflects the repayments of principal and interest payments on outstanding loans up to the end of March and was -1.4 million euros in the period under review (previous year: -1.3 million euros). Both segments perform well - FRIMA grows by 32% after product launch in February The RATIONAL segment, which represents the production and sale of the SelfCookingCenter(R) 5 Senses and the CombiMaster(R) Plus, grew its sales revenues in the first three months by 7% to 127.1 million euros (previous year: 118.3 million euros). Segment earnings amounted to 31.3 million euros, 10% down on the previous year (34.8 million euros). After adjustment for the described currency effects, the RATIONAL segment grew its sales revenues by around 10% and its EBIT by almost 20%. FRIMA produces and markets the VarioCookingCenter MULTIFICIENCY(R). Segment sales revenues were 9.5 million euros (previous year: 7.2 million euros), 32% up on the previous year. Segment earnings amounted to 0.9 million euros and so more than doubled (previous year: 0.4 million euros). One major driver of the 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 largely focuses on Europe. 66 new employees in the first quarter Around 150 new posts are to be created worldwide in fiscal year 2016. One particular focus is on further expansion of the global sales and service organisations. 66 new employees were already added in the first quarter of 2016, around one-third of them in Germany. Most of the new jobs are in sales, sales-related functions and technical service. Outlook confirmed The large majority of customers of RATIONAL and FRIMA are so satisfied with the products and services that they would be happy to purchase them again at any time and also recommend them to friends and colleagues. Given that, the still very high market potential and the all in all solid forecasts for the global economy, the Executive Board of RATIONAL AG believes the company is well placed to keep on growing as in the past years. In view of that, as well as the development in the sales regions to date, the Executive Board confirms the growth forecast for fiscal year 2016 given in the Annual Report 2015. 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 1,600 people, almost 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 SDAX. 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.

                                                                   Change
m EUR                                        Q1 2016    Q1 2015      in %
Sales revenues                                 135.7      124.7        +9
Gross profit                                    83.9       75.3       +11
Gross margin in %                               61.8       60.3         -
Earnings before interest and taxes (EBIT)       32.2       35.0        -8
EBIT margin in %                                23.7       28.1         -
Net income                                      24.5       26.6        -8
Earnings per share (in EUR)                     2.15       2.34        -8


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=BDQPHGCIIR Document title: RATIONAL AG: Statement on the first quarter of 2016 --------------------------------------------------------------------------- 04.05.2016 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. Media archive at www.dgap-medientreff.de and 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: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 457893 04.05.2016


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 702,10 777,86 843,63 649,59 779,73 1.022,35 1.125,84
EBITDA1,2 199,40 218,99 248,36 136,08 190,45 268,42 309,62
EBITDA-Marge3 28,40 28,15 29,44 20,95 24,43 26,26
EBIT1,4 187,57 205,01 223,38 106,81 160,13 237,51 277,00
EBIT-Marge5 26,72 26,36 26,48 16,44 20,54 23,23 24,60
Jahresüberschuss1 143,00 157,31 171,50 80,10 123,66 185,72 215,76
Netto-Marge6 20,37 20,22 20,33 12,33 15,86 18,17 19,16
Cashflow1,7 145,94 144,33 198,64 92,69 171,71 160,62 258,35
Ergebnis je Aktie8 12,58 13,84 15,09 7,04 10,88 16,33 18,98
Dividende8 11,00 9,50 5,70 4,80 10,00 13,50 10,00
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: Deloitte

INVESTOR-INFORMATIONEN
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Rational
WKN Kurs in € Einschätzung Börsenwert in Mio. €
701080 812,500 Halten 9.238,13
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
36,93 39,50 0,90 59,75
KBV KCV KUV EV/EBITDA
15,79 35,76 8,21 28,55
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
13,50 13,50 1,66 08.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
02.05.2024 06.08.2024 07.11.2024 27.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
10,29% 22,72% 16,15% 36,78%
    
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Spezialmaschinenbau , 701080 , RAA , XETR:RAA