Landsberg am Lech, 05.11.03
In the first nine months of 2003 RATIONAL AG, manufacturer of combi-steamers for professional kitchens, continued its profitable growth. Despite the weak economic development unit sales rose by 9 percent. Due to the negative effect of a strong euro, turnover grew by 6.0 percent from 126.2 million to 133.2 euros.

RATIONAL's earnings before interest and taxes (EBIT) increased by 23 percent from 22.7 million euros the previous year to 27.8 million euros, 2.9 million euros ahead of budget - not least thanks to further process optimization and productivity increases in production as well as consistent cost management in sales and administration. The group earnings after tax rose by 13 percent in the reporting period, from 15.2 to 17.3 million euros. Net earnings per share were 1.52 euros against 1.34 euros the previous year. After two years of consolidation and cost optimization the company is now once again investing heavily in expanding its global sales organization. In the third quarter of 2003 RATIONAL set up its own branch in Moscow, while in Shanghai the sales and service organization was further expanded.

Despite unit sales in line with budget, the continued strength of the euro in the first nine months meant a negative currency impact on turnover by -4.4 million euros (three percentage points less growth). In these circumstances RATIONAL AG anticipates that for the whole of 2003 the planned unit growth of 10% will be reached, while turnover will increase by 7 percent to 190 million euros. Based on current earnings trends, management is optimistic to achieve or even exceed the original EBIT forecast of 42 million euros.