- WKN: 701080
- ISIN: DE0007010803
- Land: Deutschland
Nachricht vom 07.05.2019 | 07:00
RATIONAL AG: Successful start to fiscal year 2019
DGAP-News: RATIONAL AG / Key word(s): Quarterly / Interim Statement
Rational AG - Statement on the first quarter of 2019
Landsberg am Lech, 7 May 2019
Rational AG - Successful start to fiscal year 2019
- 12 percent sales revenue growth
- Good development for both product groups
- Growth drivers Germany, North America and Asia
- 24 percent EBIT margin
- Outlook confirmed
12 percent sales revenue growth
The largest single factor was exchange rate movement: the strong depreciation of the euro - against almost all currencies relevant to Rational - compared with the same quarter of the previous year had a considerable impact on sales revenues in the first quarter of 2019. In particular, the rise of the US dollar (+8 percent), pound sterling (+2 percent), the Canadian dollar (+4 percent), the Japanese yen (+6 percent), the Chinese yuan (+2 percent) and the Mexican peso ( 5 percent) had a significant positive impact on sales revenues.
Adjusted for these effects, Rational sales revenues worldwide increased by 10 percent and is thus at the upper end of our expectations.
Good development for both product groups
Growth drivers Germany, North America and Asia
In Europe (excluding Germany), sales revenues were up by 6 percent. Performance in France was positive, which was supported by very good trade fair business. Another growth driver was Italy, where the VarioCookingCenter(R) made an above-average contribution to sales revenue growth.
Sales revenues in North America in the first three months were 26 percent above the previous year. This is mainly attributable to growth in Canada, which was considerably above average, and the positive impact of the sharply higher US dollar and the higher Canadian dollar. Without currency effects, the North America region experienced growth of around 18 percent.
Latin America, where sales revenues increased by almost 7 percent, also made a positive contribution to business performance. The region's key growth driver was Mexico, where relatively moderate expansion in the previous year was followed by significant growth in the first three months of the current fiscal year.
Rational likewise got off to a very good start to the year in Asia with sales growth of just under
Sales revenues in the Rest of the world region were 3 percent higher than the previous year.
Gross margin at previous year's level
24 percent EBIT margin
Operating costs rose compared to the first quarter of 2018 by 14 percent to 70.0 million euros (2018: 61.6 million euros). The increase in costs was largely attributable to sales and service, which saw a rise of 5.6 million euros to 50.3 million euros (2018: 44.7 million euros). Research and development costs rose by 14 percent to 10.3 million euros compared with the previous year (2018: 9.0 million euros). After three months, general administration expenses amounted to 9.3 million euros, up 19 percent over the previous year (2018: 7.8 million euros).
76 percent equity ratio - cash flow from operating activities up
In the first three months of the current fiscal year, cash flow from operating activities was 24.2 million euros (2018: 14 thousand euros). The rise was mainly driven by higher earnings.
The cash flow from investing activities includes investments in property, plant and equipment and in intangible assets. In the first quarter, these investments amounted to 9.2 million euros (2018: 17.2 million euros), a decrease of 8.0 million euros on the previous year.
The cash flow from financing activities reflects repayments of principal and interest on loans. There was an outflow of 3.4 million euros (2018: 0.7 million euros). The change is primarily the result of payments of principal and interest on lease liabilities.
On 31 March 2019, in addition to cash and cash equivalents of 169.5 million euros (2018: 178.7 million euros), Rational held financial assets in fixed-term deposits and a special fund amounting to 74.3 million euros (2018: 72.6 million euros). The lower liquidity compared with the previous year is mainly attributable to high investments made during the previous year and the past quarter.
More than 50 new employees hired
As a result of the special effect described above, which led to sales revenue growth of 12 percent and a higher EBIT margin than in the previous year, performance in the first quarter of 2019 was above the Company's expectations. Given the high base effect of strong growth of 17 percent in the second quarter of 2018 and the above-mentioned anticipatory effects in the quarter under review, the Company does not expect any significant expansion in the next quarter. Given the current customer structure and business model, we strongly believe that business performance guided purely by short-term quarterly results is not in line with our Company's management approach.
Given this, the Rational AG Executive Board confirms the outlook provided for fiscal year 2019, in other words, sales revenue growth in the high single-digit range and an EBIT margin of around 26 percent.
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 2,200 people, over 1,100 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. 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.
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.
|86899 Landsberg a. Lech|
|Phone:||0049 8191 327 2209|
|Fax:||0049 8191 327 722209|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||807645|
|End of News||DGAP News Service|
UmweltBank AG mit deutlichem Kurspotenzial
Die UmweltBank AG, die als einzige Bank Deutschlands den Umweltgedanken in der Satzung verankert hat, präsentierte in den letzten Jahren beeindruckende Wachstumszahlen. Sowohl die Kundeneinlagen als auch das Kreditbuch legten um durchschnittlich gut 6,3 % zu. Seit seiner Gründung hat das Kreditinstitut stets positive Ergebnisse erzielt, zuletzt im Geschäftsjahr 2018 einen Jahresüberschuss in Höhe von 25,3 Mio. €. Wir haben ein Kursziel von 14,30 € je Aktie ermittelt, was deutlich oberhalb des aktuellen Kursniveaus liegt. Die Dividendenrendite liegt bei fast 3,0 %.
Der AKTIONÄR News
27. Januar 18:36 Beyond Meat: Dieser Deal macht Anleger hungrig auf die Aktie
27. Januar 17:46 Steinhoff: Gute Nachricht – und ein großer Wermutstropfen
27. Januar 15:20 Shell und Gazprom: Deshalb geht es bergab
27. Januar 15:13 Fresenius-Tochter FMC: Und da ist die nächste Kaufempfehlung!
27. Januar 14:50 Alibaba reagiert auf Virus: Beratungsservice boomt
Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): BUY
27. Januar 2020