RATIONAL AG — Earnings Release 2002

Nov 14, 2002

News Details

Ad-hoc | 14 November 2002 07:30

Rational AG english

RATIONAL AG: On course for growth / EBIT up 26 percent Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– RATIONAL AG: On course for growth / EBIT up 26 percent Landsberg am Lech, 14.11.2002:The first nine months of 2002 saw RATIONAL AG (WKN 701080), manufacturer of combi-steamers for professional kitchens, continue to grow. Despite the global economic downturn, sales were up by 8.5 percent, from 116 million euros in the same period of the previous year, to 126 million euros. Growth in the third quarter, which reached 6.3 percent (from 41.2 to 43.8 million euros), failed to live up to expectations, as a result of the lack of sales growth in the UK, the second most important EU market. A change of management was introduced here at the start of the 3rd quarter. The measures taken are already starting to bear fruit in October. In spite of this, RATIONAL succeeded in increasing its third quarter earnings before tax and interest (EBIT) by 40 percent, from 6.8 to 9.5 million euros. Compared with the equivalent period of the previous year, EBIT for the first nine months of 2002 rose by 26 percent, from 18.0 to 22.7 million euros, primarily thanks to improved productivity on the manufacturing front. Further factors included increased sales efficiency and consistent cost management, resulting overall in a rise in the gross return on sales figure from 15 to 18 percent. Group earnings stood at 15.2 million euros, after 11.8 million euros in the first nine months of 2001, which put the earnings-per-share figure at 1.34 euros, compared with 1.04 euros for the previous year. Although no economic upturn is yet in sight, the company expects the 2002 financial year to bring a ten-percent growth in sales, to 184 million euros, a figure that lies within the target band. Due to continuous process optimisation, EBIT will probably exceed the planned figure of 36 million euros. Contact: RATIONAL AG, Erich Baumgärtner, phone: (+49 8191) 327-420, fax: (+49 8191) 327- 272, e-Mail: e.baumgaertner@rational-online.de end of ad-hoc-announcement (c)DGAP 14.11.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Background: RATIONAL now posts 81 percent of its sales outside Germany. In the US and Japanese markets, which are key to its medium-term growth, the company is continuing on its successful course. Despite the difficult economic situation, sales in local currency in the USA rose by 17 percent and in Japan by as much as 25 percent. Behind the growing demand lies the high potential for rationalization offered by the RATIONAL technology, which pays for itself within four to twelve months. The company opened up additional areas of application for the ClimaPlus Combi with the market launch of its new AeroCat during the third quarter: It avoids the spread of cooking smells, enabling the appliances to be used in environments where this is a particular problem, for example in over-the-counter food outlets or shopping centres. In mill. euros Q3 2002 Q3 2001 9 mon. 2002 9 mon. 2001 Sales 43.8 41.2 126.2 116.3 EBIT 9.5 6.8 22.7 18.0 Earnings 5.6 3.9 15.2 11.8 EPS 0.49 0.34 1.34 1.04 Equity ratio % 63.6 59.6 ——————————————————————————– WKN: 701 080; ISIN: DE0007010803; Index: SDax Listed: Geregelter Markt in Frankfurt (SMAX); Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Stuttgart 140730 Nov 02