As of: March 29, 2024, 12:04 p.m
By: Toni Schwaiger
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Third rational revolution in the commercial kitchen: The iHexagon, presented in February, intelligently brings hot air, steam and microwaves into the cooking space. © Rational/Thorsten Schmidtkord
2023 was a very important year for us. We celebrated the 50th anniversary of our great company, repeatedly recorded record financial results and were able to present innovations that will revolutionize the catering industry again,” reports the visibly proud Rational boss Dr. Peter Stadelman. The company, headquartered in Landsberg, has now presented its 2023 annual report. Sales revenue then rose to 1.126 billion euros.
Rational already reported strong sales and earnings figures in the first nine months. Contrary to expectations during the year, the fourth quarter - boosted by strong year-end business and an additional order from an Asian chain customer - was the highest sales quarter in the company's history with 292.8 million euros. As a result, sales revenue in 2023 grew by a total of 103.5 million euros, which corresponds to an increase of ten percent. “In addition to the growth in iCombi cooking systems and the after-sales business, we benefited above all from positive effects from the price increases in 2022. However, that does not change our maxim of keeping sales prices stable in the future,” says CFO Jörg Walter growth. Rational recorded 18 percent more in North and Latin America and 24 percent more in Asia. With an increase of 13 percent, sales revenue in the iCombi product group exceeded the billion mark for the first time.
In terms of costs, Rational is benefiting from the easing on the raw materials market and international logistics. The company recorded significant relief, particularly in stainless steel, chemical and energy costs, following the sometimes extreme increases of the previous year.
13.50 euros dividend
Due to the positive earnings development, the Executive Board and Supervisory Board will propose the distribution of a dividend of EUR 13.50 per share to the Annual General Meeting on May 8th. This corresponds to a distribution volume of 153.5 million euros. Even after the dividend distribution in May, sufficient liquidity remains on the company's balance sheet. “We paid off our last bank debts in the past financial year. Together with the high level of liquidity, this ensures that we have the freedom to make business decisions at all times, independent of banks and the capital market,” explains CFO Walter, explaining the situation. The payout ratio of 71 percent of the consolidated annual net profit is therefore the long-term average and the dividend yield based on the year-end price for 2023 is 1.9 percent.
New product category
At the end of February, Markus Paschmann, Chief Sales & Marketing Officer at Rational, presented the iHexagon together with engineers and experts from research & development as well as the project team. “With the iHexagon, we are the first on the market to be able to bring hot air, steam and microwaves into the cooking chamber so intelligently that the energy is evenly distributed across all six slots,” explains Paschmann. The company provides further information about the new product category at www.rational-online.com. “With the iHexagon, we have further expanded our already large market potential,” says Dr. Stadelmann on the third Rational revolution in the commercial kitchen after the combi-steamer in 1976 and the VarioCookingCenter in 2004.
Over 2,500 employees
“For Rational to remain successful, we need one thing above all: qualified and motivated people who support us with their daily work in offering our customers the greatest benefit,” says Stadelmann. When hiring new employees, a particular focus is placed on sales and sales-related functions. “We have to be close to our customers in order to know their needs,” says Jörg Walter. As of the balance sheet date of December 31, 2023, the Rational Group employed 2,554 people, so-called entrepreneurs in the company, of whom 1,465 are employed in Germany.
“For 2024, we expect organic growth in line with our long-term growth rate with continued high profitability,” predicts CFO Jörg Walter. Price increases are not planned. Accordingly, Rational expects sales figures and revenue to grow “in the mid to high single-digit percentage range compared to the previous year”.