PRESS RELEASE : RATIONAL AG: 650 million euros sales revenues and 16 percent EBIT margin

DGAP-News: RATIONAL AG / Key word(s): Forecast/Dividend 
RATIONAL AG: 650 million euros sales revenues and 16 percent EBIT margin 
2021-03-24 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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Press release 
Rational AG: 650 million euros sales revenues and 16 percent EBIT margin 
  . Sales revenues of 650 million euros - EBIT of 107 million euros 
  . iCombi and iVario successfully launched - new distribution channels established 
  . Social responsibility for employees discharged 
  . Slight growth in sales revenues for 2021 and EBIT margin at prior-year level expected 
  . Return to payout ratio of around 70 percent - dividend of 4.80 euros proposed 
Landsberg am Lech, 24 March 2021 Rational generated sales revenues of 650 million euros in fiscal year 2020. This 
equates to a decrease of 23 percent (2019: 844 million euros). The decline was due to coronavirus measures around the 
world, which had a negative impact on many customers. South America (-48 percent) and North America (-29 percent) were 
especially hit by the coronavirus crisis, while Asia (-15 percent) and Germany (-16 percent) fared better. The rest of 
Europe contracted by around 22 percent on average across the Group. The currency-adjusted decline in sales revenues was 
22 percent. 
The drop in sales revenues led to a significant decline in earnings before financial result and taxes (EBIT) in 2020, 
which amounted to 107 million euros (2019: 231 million euros). Although reduced expenses on items such as trade fairs, 
CookingLive, travel, dealer and employee bonuses resulted in a year-on-year decrease of 10 percent in operating 
expenses, they did not go down to the same extent as sales revenues. Cost of sales was at a higher level due to the 
product changeover and additional expenditure because of the crisis. This resulted in an EBIT margin of 16.4 percent 
(2019: 26.5 percent). 
iCombi and iVario successfully launched - new distribution channels established 
Dr Stadelmann believes that an even sharper fall in sales revenues was prevented by the complete renewal of the two 
generations of appliances. He is pleased that "despite the difficult situation, many customers choose to invest in 
appliances of the new series because of the many improvements they offer". With a drop in sales revenues of 7 percent, 
the figure for iVario shrank more slowly, which is also due to it being launched in new markets such as the USA and 
China. Sales revenues for combi-steamers fell by 25 percent. 
The CEO is also satisfied with the digital distribution channels that have meanwhile been established. In many markets, 
the virtual sales events enjoyed a very good response. 
Social responsibility for employees - only slight decline in employee numbers 
As at the balance sheet date 31 December 2020, the total number of employees in the Group fell slightly to 2,180 (2019: 
2.258). Of that figure, over 1,200 employees work in Germany. 
Staff capacity was adjusted by imposing a recruitment freeze, exercising caution in filling vacancies and reducing the 
number of temporary workers as well as job cuts in markets particularly hard hit by the crisis. "When the market 
returns, we will need our wonderful U.i.U. entrepreneurs. This is why, wherever possible, we are using short-time 
working or similar tools," says Dr Stadelmann. 
Slight growth in sales revenues for 2021 and EBIT margin at prior-year level expected 
Due to the extension and tightening of the Corona measures in many countries, Rational remains cautious. The company 
sees catch-up effects of end customers in gastronomy and the hotel industry after the lockdown and the investment boost 
caused by government financial aid as opportunities. For 2021, the Executive Board expects a slight increase in sales 
revenues and an EBIT margin at approximately the prior-year level. "We currently expect sales revenue growth in the 
medium single-digit percentage range," explains Dr Stadelmann. The Executive Board anticipates that the margin will be 
roughly similar to the previous year. 
For the first quarter of 2021, Dr Stadelmann assumes that sales revenues will be down by almost 10 percent compared 
with the prior-year quarter. That is encouraging, since sales revenues had still been at pre-crisis highs in the first 
two months of 2020. That is set to change from March onwards, since the crisis began to have an impact in March 2020. 
The first quarter's EBIT margin will be in line with full year expectations. 
In the medium to long term, the company's management continues to regard Rational's situation as very good. As the 
effects of coronavirus tail off and the numerous financial aid packages take effect, market conditions will return to 
normal. 
Dividend of 4.80 euros per share proposed 
The Executive Board and Supervisory Board will submit a proposal to the General Meeting of Shareholders on 12 May 2021 
to distribute a dividend of 4.80 euros per share, in other words, to make a total distribution of 54.6 million euros. 
This represents a payout ratio of 68 percent of consolidated net profit for the year at pre-crisis level. The 2021 
General Meeting of Shareholders will again be conducted virtually without physical attendance by shareholders. Notice 
of the meeting will be sent out in the coming weeks. 
Contact: 
Rational Aktiengesellschaft 
Stefan Arnold / Head of Investor Relations 
Tel. [phone] 
Fax [phone] 2209 
E-mail: [e-mail] 
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. 
                              FY 2020 FY 2019 Percentage change 
Sales revenues (m EUR)          649.6   843.6               -23 
EBIT (m EUR)                    106.8   223.4               -52 
EBIT margin (percent)            16.4    26.5                 - 
Earnings after taxes (m EUR)     80.1   171.6               -53 
EPS (EUR)                        7.04   15.09               -53 ----------------------------------------------------------------------------------------------------------------------- 

2021-03-24 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 
              Siegfried-Meister-Straße 1 
              86899 Landsberg am Lech 
              Germany 
Phone:        [phone] 
Fax:          [phone] 722209 
E-mail:       [e-mail] 
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:  1177548 
 
End of News   DGAP News Service 
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1177548 2021-03-24

(END) Dow Jones Newswires

March 24, 2021 02:02 ET (06:02 GMT)