Do : First Quarter

DO & CO AKTIENGESELLSCHAFT

FINANCIAL REPORT

FIRST QUARTER OF 2021/2022

(unaudited)

THE GOURMET ENTERTAINMENT COMPANY

CONTENTS
Group Management Report for the 1st Quarter of 2021/2022 (unaudited) .................	1
1.	Key Figures of the DO & CO Group in accordance with IFRS ..................................	1
2.	Business Development......................................................................................	2
2.1.	Revenue .........................................................................................................	3
2.2.	Result.............................................................................................................	3
2.3.	Statement of financial position...........................................................................	4
2.4.	Employees ......................................................................................................	4
2.5.	Airline Catering ................................................................................................	5
2.6.	International Event Catering..............................................................................	6
2.7.	Restaurants, Lounges & Hotels ..........................................................................	7
2.8.	Share / Investor Relations.................................................................................	8
3.	Outlook.........................................................................................................	10
Interim Consolidated Financial Statements for the 1st Quarter of 2021/2022 of
DO & CO Aktiengesellschaft in accordance with IFRS (unaudited) ...........................	11
1.	Consolidated Statement of Financial Position as of 30 June 2021 (unaudited) ........	12
2.	Consolidated Income Statement for the 1st Quarter of 2021/2022 (unaudited).......	13
3.	Consolidated Statement of Comprehensive Income (unaudited) ...........................	14
4.	Consolidated Statement of Cash Flows (unaudited) ............................................	15
5.	Consolidated Statement of Changes in Equity (unaudited)...................................	16
6.	Segment Reporting (unaudited) .......................................................................	17
Condensed Notes to the Consolidated Financial Statements for the 1st Quarter of
2021/2022 (unaudited) ...........................................................................................	19
1.	General Information .......................................................................................	19
1.1.	Basis ............................................................................................................	19
1.2.	Accounting and valuation methods ...................................................................	19
1.3.	Scope of consolidation ....................................................................................	20
1.4.	Seasonality ...................................................................................................	20
2.	Comments on the Consolidated Statement of Financial Position ...........................	20
2.1.	Shareholders' equity.......................................................................................	20
3.	Comments on the Consolidated Income Statement.............................................	20
3.1.	Earnings per share .........................................................................................	20
4.	Additional Disclosures .....................................................................................	21
4.1.	Additional disclosures on financial instruments...................................................	21
4.2.	Significant events after the reporting period (subsequent report) .........................	22
4.3.	Related party disclosures ................................................................................	22

Group Management Report for the 1st Quarter of 2021/2022 (unaudited)

1. Key Figures of the DO & CO Group in accordance with

IFRS

			st	Quarter	st	Quarter
			1	1
			2021/2022	2020/2021
Revenue		m€	102.84		32.47
EBITDA		m€	22.34		-7.72
EBITDA margin		%	21.7%		-23.8%
EBIT		m€	10.00		-21.66
EBIT margin		%	9.7%		-66.7%
Profit before income tax		m€	4.19		-26.46
Net result		m€	1.96		-22.15
Net result margin		%	1.9%		-68.2%
Cash flow from operating activities	m€	8.98		-15.58
Cash flow from investing activities	m€	-1.67		-10.35
Free cash flow		m€	7.31		-25.92
EBITDA per share		€	2.29		-0.79
EBIT per share		€	1.03		-2.22
Earnings per share		€	0.20		-2.27
ROS		%	4.1%		-81.5%
			30 June 2021	31 March 2020
Equity		m€	156.81		159.59
Equity ratio		%	18.4%		18.6%
Net debt (net financial liabilities)	m€	332.14		334.03
Net debt to EBITDA			4.42		7.42
Net gearing		%	211.8%		209.3%
Working capital		m€	-33.53		-48.91
Cash and cash equivalents		m€	204.52		207.60
Equity per share (book entry)		€	12.89		12.99
	1		€	82.70		73.40
High
Low	1		€	69.80		30.50
Price at the end of the period	1	€	76.10		68.80
Number of shares at the end of the period	TPie	9,744		9,744
Market capitalisation at the end of the period	m€	741.52		670.39
Employees			7,496		7,988
1… Closing rate

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2.	Business Development
Group				1	st	Quarter
			2021/2022	2020/2021	Change	Change
			in %
Revenue		m€	102.84	32.47	70.36	216.7%
Other operating income	m€	11.27	3.60	7.67	213.2%
Cost of materials	m€	-30.93	-7.97	-22.96	-288.0%
Personnel expenses	m€	-41.25	-21.80	-19.45	-89.2%
Other operating expenses	m€	-19.65	-13.72	-5.93	-43.2%
Result of equity investments accounted for using the equity method	m€	0.07	-0.29	0.37	124.9%
EBITDA - Operating result before	m€	22.34	-7.72	30.06	389.5%
amortisation / depreciation and effects from impairment tests
Amortisation / depreciation and effects from impairment tests	m€	-12.34	-13.94	1.60	11.4%
EBIT - Operating result	m€	10.00	-21.66	31.66	146.2%
Financial result	m€	-5.81	-4.81	-1.00	-20.8%
Result before income tax	m€	4.19	-26.46	30.66	115.8%
Income tax		m€	-1.76	4.53	-6.29	-139.0%

Result after income tax Thereof net profit attributable to non-controllinginterests

Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)

m€	2.43	-21.94	24.36	111.1%
m€	0.47	0.22	0.25	115.3%
m€	1.96	-22.15	24.11	108.9%

EBITDA margin	%	21.7%	-23.8%
EBIT margin	%	9.7%	-66.7%
Employees		7,496	7,771	-275	-3.5%

All business areas of the DO & CO Group continue to be affected by the impact of the COVID-19 pandemic. However, business is gradually recovering as the legal restrictions containing the pandemic are slowly being eased. Additionally, DO & CO has put great emphasis on creating new distribution channels and developing new business models.

In the first quarter of the business year 2021/2022, revenue was therefore tripled as compared to the previous year. The EBIT margin was even increased to 9.7%. At the same time, thanks to rigorous and successful crisis management, the Company has now achieved a positive net result for three consecutive quarters. Due to management consistently implementing measures to reduce running costs and to secure liquidity, a high cash position of € 204.52m was also maintained in the first quarter of the business year 2021/2022.

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2.1. Revenue

In the first quarter of the business year 2021/2022, the DO & CO Group recorded revenue of

• 102.84m, representing an increase of 216.7% or € 70.36m compared to the same period of the previous year.

Revenue					1	st	Quarter
		2021/2022	2020/2021	Change	Change
		in %
Airline Catering	m€	77.53	23.93	53.60	224.0%
International Event Catering	m€	14.13	1.99	12.14	611.5%
Restaurants, Lounges & Hotels	m€	11.18	6.56	4.62	70.4%
Group Revenue		102.84	32.47	70.36	216.7%
Share of Group Revenue		1	st	Quarter
		2021/2022	2020/2021
Airline Catering	%	75.4%	73.7%
International Event Catering	%	13.7%	6.1%
Restaurants, Lounges & Hotels	%	10.9%	20.2%
Group Revenue		100.0%	100.0%

In the first quarter of the business year 2021/2022, revenue of the Airline Catering division increased by € 53.60m from € 23.93m to € 77.53m. This represents an increase of 224.0%. The revenue of the Airline Catering division constituted 75.4% of the Group's overall revenue (PY: 73.7%).

In the first quarter of the business year 2021/2022, revenue of the International Event Catering division increased by € 12.14m from € 1.99m to € 14.13m. This represents an increase of 611.5%. The revenue of the International Event Catering division constituted 13.7% of the Group's overall revenue (PY: 6.1%).

In the first quarter of the business year 2021/2022, revenue of the Restaurants, Lounges & Hotels division increased by € 4.62m from € 6.56m to € 11.18m. This represents an increase of 70.4%. The revenue of the Restaurants, Lounges & Hotels division constituted 10.9% of the Group's overall revenue (PY: 20.2%).

2.2. Result

Other operating income amounts to € 11.27m (PY: € 3.60m). This constitutes an increase of

• 7.67m which is mainly due to government support measures.

In absolute figures, the cost of materials increased by € 22.96m (288.0%), from € 7.97m to

• 30.93m, with revenue growth of 216.7%. Cost of materials as a proportion of revenue increased from 24.5% to 30.1%.

Personnel expenses in absolute figures increased to € 41.25m in the first quarter of the business year 2021/2022 (PY: € 21.80m). In relation to revenue, personnel expenses amount to 40.1% (PY: 67.1%).

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