RATIONAL AG
DGAP-Ad-hoc: RATIONAL AG / Key word(s): Change in Forecast
Rational AG expects faster recovery after very good first half of 2021
22-Jul-2021 / 11:09 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Rational AG expects faster recovery after very good first half of 2021
Landsberg am Lech, 22 July 2021
- Sales revenues of 212 million euros in the second quarter of 2021 - slightly above pre-crisis level
- EBIT margin of 22 percent in the first six months - 25 percent in the second quarter of 2021
- In the positive scenario 15 to 20 percent rise in sales revenue and EBIT margin of slightly more than 20 percent
expected for 2021
- Surprisingly faster and stronger recovery throughout the industry - return to above pre-crisis level possible in 2022
already
Sales revenues of 212 million euros in the second quarter of 2021 - slightly above pre-crisis level
Rational's sales revenues of 211.6 million euros in the second quarter of 2021 were 3 percent up on the figure in the
second quarter of 2019 (205.1 million euros), hence slightly exceeding pre-crisis levels. That was 81 percent higher
than in the prior-year quarter, which was very weak due to the coronavirus pandemic (2020: 116.8 million euros). After
six months, sales revenues stand at 379.3 million euros, up 27 percent on the previous year and only around 5 percent
below the figure for the first half of 2019.
From management's perspective, three key factors contributed to this positive development in the commercial kitchen
sector.
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 programmes: in many cases, state aid measures were used for the investments. Due to the limited duration
of these programmes, investments were brought forward in some countries
3. Delivery times: because of the tight supply situation worldwide, dealers and customers bought appliances for stock
in order to avoid being caught out by potential supply shortages in the coming months.
The positive impact was evident in all markets worldwide and in both of Rational's product groups.
EBIT margin of 22 percent in the first six months - 25 percent in the second quarter of 2021
The gross margin improved to 56.3 percent in the first half of 2021 (2020: 54.7 percent). EBIT (earnings before
financial result and income taxes) amounted to 84.4 million euros in the first six months of 2021 - three times the
level recorded in the first half of 2020 (2020: 27.6 million euros). The EBIT margin was 22.3 percent (2020: 9.2
percent).
The EBIT margin benefited from the healthy sales revenue performance in combination with continuing lower cost levels.
While sales revenues rose by 27 percent year-on-year, operating costs were only slightly up on the prior-year level.
Total operating costs amounted to 131.1 million euros in the first half of 2021 (2020: 130.7 million euros).
In the positive scenario 15 to 20 percent rise in sales revenue and EBIT margin of slightly more than 20 percent
expected for 2021
In recent months, Rational has seen a pleasing performance in almost all markets around the world. CEO Dr Peter
Stadelmann believes that whether the recovery of the first six months of 2021 continues will critically depend on two
factors.
Firstly, there is the question of whether tighter restrictions will once again be imposed on daily life in response to
new coronavirus outbreaks. The second factor is the supply situation for primary products. The current situation in the
global market is very tense, especially for electronics components, and considerable supply delays and volume
restrictions may persist, leading to longer delivery times and later revenue recognition. What is more, the tense
supply situation is in some cases leading to dramatic increases in component prices and shipping costs.
If the scenarios described above have a negative effect on business performance in the second half of the year, the
Executive Board expects slower business growth with higher costs. Given the positive development of the first six
months and the high level of orders on hand, it expects sales revenue to increase by a high single-digit percentage
compared with the previous year, even in this less favourable scenario. If the above risks do not materialise, or only
to a reduced extent, sales revenues are expected to rise by 15 to 20 percent in the 2021 fiscal year. If the recovery
trend continues, it could be feasible to return, in full-year 2022, to sales revenue levels last seen in 2019. The
company had previously expected this to not be until 2023. Since costs are projected to move in line with sales
revenues, the EBIT margin is forecast to be just above 20 percent, regardless of which scenario plays out.
On August 5, 2021, Rational will provide detailed information on the course of the first half of the year and further
expectations for the remainder of fiscal year 2021 with the 2021 half-year report and in a conference call.
Contact:
Rational Aktiengesellschaft
Stefan Arnold / Head of Investor Relations
Tel. +49 (0)8191 327-2209
Fax +49 (0)8191 327-72 2209
E-mail: ir@rational-online.com
www.rational-online.com
Editorial note:
The Rational Group is the global market and technology leader for thermal preparation of food in professional kitchens.
Founded in 1973, the company employs around 2,200 people, over 1,200 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. Rational is committed to the
principle of sustainability, which is expressed in its corporate policies on environmental protection, leadership, job
security and social responsibility. Numerous international awards bear witness to the high quality of the work done by
Rational's employees year for year.
Editorial closing date: 22 July 2021
Percentage change
Q2 2021 Q2 2020 Q2 2019
2021 vs. 2020 2021 vs. 2019
Sales revenues (m EUR) 211.6 116.8 205.1 +81 +3
EBIT (m EUR) 52.2 1.6 51.5 +3,163 +1
EBIT margin (percent) 24.7 1.4 25.1 - -
Earnings after taxes (m EUR) 39.8 1.2 40.0 +3,217 -1
EPS (EUR) 3.50 0.10 3.52 +3,217 -1
Percentage change
H1 2021 H1 2020 H1 2019
2021 vs. 2020 2021 vs. 2019
Sales revenues (m EUR) 379.7 298.0 399.4 +27 -5
EBIT (m EUR) 84.4 27.6 98.2 +206 -14
EBIT margin (percent) 22.3 9.2 24.6 - -
Earnings after taxes (m EUR) 64.2 17.9 76.6 +259 -16
EPS (EUR) 5.64 1.57 6.74 +259 -16 ----------------------------------------------------------------------------------------------------------------------- 22-Jul-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------
Language: English
Company: RATIONAL AG
Siegfried-Meister-Straße 1
86899 Landsberg am Lech
Germany
Phone: 0049 8191 327 2209
Fax: 0049 8191 327 722209
E-mail: ir@rational-online.com
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
EQS News ID: 1220874
End of Announcement DGAP News Service
=------------ 1220874 22-Jul-2021 CET/CEST
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July 22, 2021 05:09 ET (09:09 GMT)
