03-2010
Sales down by only 8 percent
Earnings up 9 percent
Dividend of 3.50 euros proposed
Landsberg, March 11, 2010. Following a perceptible drop in sales in the first six months, the business stabilised in the second half of 2009. With annual sales of 314.4 million euros and thus a fall of just 8 percent compared to the previous year, the year 2009 overall was fully in line with expectations.
Markets of the future on course for success – established markets stable
The distinctly international nature of the business proved to be an advantage for RATIONAL in the difficult economic climate. Because of the spread of risk this entails, it was possible to effectively cushion the negative effects of the crisis.
Approximately 75 percent of the drop in sales 2009 can be ascribed to the business environment in the markets of Russia, Spain and the Americas, which were particularly hit hard by the economic crisis, as well as to the OEM business. In these areas, structures and costs were consistently aligned to the new volume of business. All other sales markets proved relatively stable or even exhibited clear growth.
Low point reached
“In countries experiencing growth as well as in those hit by the crisis, there are strong signs that in the course of 2009 we again reached a new, stable level. Orders from customers once again reflected the normal spread based on historic seasonality over the individual months of the year – even though levels were down in some cases,” explains Dr. Blaschke, CEO of RATIONAL AG.
For RATIONAL’s global appliance sales the bursting of the speculative bubble, however, ultimately resulted in sales falling back to the levels seen between 2006 and 2007.
Earnings exceed many analysts’ expectations
RATIONAL’s earnings improved further in 2009, despite the drop in sales, thanks to professional management of costs, increases in productivity and efficiency, and falling raw material prices. EBIT grew by 9 percent to 90.5 million euros. Net earnings were likewise up 9 percent and reached the new record level of 67.3 million euros. RATIONAL thus actually exceeded many analysts’ expectations as regards earnings.
3.50 euros dividend per share proposed
“The Executive Board and Supervisory Board will propose paying a dividend of 3.50 euros per share for fiscal 2009 at the General Meeting of Shareholders on April 21, 2010. This equates to an overall distribution of a total of 39.8 million euros and a dividend yield of around 3 percent in respect of the price on December 31, 2009," says Dr. Blaschke.
Cautiously positive outlook for 2010
The forecasts for global economic trends have grown steadily more optimistic in recent months and give grounds for hoping that the global economy will return to growth in 2010.
For RATIONAL, this means that after the “Year of Realignment” in 2009 we are now back on track for making selective marketing investments in markets with particularly high potential for growth.
“Yet despite all underlying positive trends, we continue to face considerable risks in 2010. Not only is the banking sector in an extremely fragile state globally, but for the first time entire nations are at risk of insolvency. Nevertheless, we are going forward into 2010 with cautious optimism and we expect a return to modest growth in sales,” 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 around 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.
| 2009 | 2008 | Change in % | |
| Sales (in m EUR) | 314.4 | 343.0 | -8 |
| EBIT (in m EUR) | 90.5 | 83.1 | +9 |
| EBT (in m EUR) | 90.1 | 83.5 | +8 |
| EPS (in EUR) | 5.92 | 5.42 | +9 |
