05-2009
Landsberg, May 6, 2009. Sales of 73.3 million euros (previous year 79.5 million euros) in the first quarter represented a modest fall of 8 percent compared to the previous year’s quarter. The main reason for this is that many customers feel uncertain about future economic trends, and in consequence have delayed decisions to purchase. “The situation in Asia is very gratifying. Last year’s successful growth path continued in the first quarter of 2009 with a rise of 8 percent.
Jobs secured
Additional structures, which were created in 2008 in the course of the growth strategy – but afterwards were not required due to the lacking growth – were entirely removed during the first quarter 2009. The corresponding job reduction of 100 employees in the foreign markets Russia, Ukraine, Spain and the Americas, which were particularly hit hard by the economic crisis, as well as about 40 employees located in Germany, is completed.
“We therefore allowed time contracts to expire, and unfortunately also had to take leave of employees, who were working at RATIONAL only for a short period of time. There will not be any further layoffs due to decreasing sales figures in 2009. There are also no plans for short-time work”, confirms the CEO of RATIONAL AG, Dr. Günter Blaschke.
21 percent EBIT margin
Well-directed measures for cost savings and efficiency increases as well as the positive effects of lower raw material prices could not completely offset the absolute fall in gross yield, with the result that EBIT fell by 3.5 million euros or around 19 percent to 15.2 million euros. Nonetheless, at 21 percent the EBIT margin is again very healthy.
57.5 million Cash available
A positive operating cash flow of 2.5 million euros (previous year 10.9 million euros) was achieved in the first quarter. This decrease was due to to the lower profits and in particular to the sharp fall in trade accounts payable as a result of early payment discounts being actively exploited. Cash funds, including fixed-term deposits, stood at 57.5 million euros at the end of March, compared to 57.1 million euros as at December 31, 2008.
71 percent equity ratio
With an equity ratio of 71 percent (previous year 71 percent) and an equity-to-fixed-assets ratio of 233 percent (previous year 310 percent), RATIONAL has an extremely sound asset structure. “This guarantees plenty of room for manoeuvre, flexibility and considerable independence in all commercial decisions, even when financial markets are under pressure“, says Dr. Blaschke.
American Innovation Award for CareControl
On February 18, 2009 America's National Restaurant Association announced the winners of the famous Kitchen Innovations (KI) Award for 2009. The award is presented to selected companies which offer the hotel and restaurant industry innovative solutions for productivty increases and cost savings as well as optimum use of space and functionality. RATIONAL received its award for the innovative CareControl function of the SelfCooking Center®. Because the system automatically recognizes the degree of soiling and itself calculates the ideal cleaning and care process, energy and working time are saved, the environment is protected and limescale is prevented from building up in the steam generator right from the onset.
Reliable forecast for 2009 not possible
Because of the mixed signals and assessments being put out by banks and economic research institutes as regards expected economic trends, it is still not possible to make a reliable forecast of business performance in the current year. “However, business trends in the first quarter give us grounds for optimism that the decline in sales may even off at a moderate level in the current fiscal year“, explains Dr. Blaschke.
Contact:
RATIONAL Aktiengesellschaft
Dr. Günter Blaschke
Tel. +49 (0)8191 327-364
Fax +49 (0)8191 327-272
e-Mail: g.blaschke@rational-online.com
www.rational-online.com
Information for editors:
RATIONAL is the world market and technology leader for the thermal preparation of food in professional kitchens. The company, founded in 1973, employs more than 1,000 people, of which more than 600 are in Germany. Since the IPO in 2000 RATIONAL was floated in the Prime Standard on the German stock market and is currently listed on the MDAX.
The company’s principal objective is to offer customers maximum benefit. Internally RATIONAL is committed to the principle of sustainability, expressed in its policies on environmental protection, leadership and social responsibility. Numerous international awards bear witness year on year to the high level of RATIONAL’s work.
| Q1/2009 | Q1/2008 | Change in % | |
| Sales (million of euros) | 73.3 | 79.5 | -8 |
| EBIT (million of euros) | 15.2 | 18.7 | -19 |
| EBT (million of euros) | 15.2 | 19.0 | -20 |
| EPS (in euros) | 0.98 | 1.22 | -20 |
