Do : First Quarter

DO & CO AKTIENGESELLSCHAFT

FINANCIAL REPORT

FIRST QUARTER OF 2022/2023 (unaudited)

CONTENTS
Group Management Report for the 1st Quarter of 2022/2023 (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.................................................................................................................	5
2.4. Employees.........................................................................................................................................................	5
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 2022/2023 of
DO & CO Aktiengesellschaft in accordance with IFRS (unaudited)............................................	11
1.	Consolidated Statement of Financial Position as of 30 June 2022 (unaudited)........................	12
2.	Consolidated Income Statement for the 1st Quarter of 2022/2023 (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
Condensed Notes to the Consolidated Financial Statements for the 1st Quarter of	17
2022/2023 (unaudited) ........................................................................................................................................
1.	General Information..........................................................................................................................................	18
1.1. Basis ....................................................................................................................................................................	18
1.2. Accounting and valuation methods.........................................................................................................	18
1.3. Restatements pursuant to IAS 8..............................................................................................................	19
1.4. Scope of consolidation .................................................................................................................................	20
1.5. Seasonality and economic influences ...................................................................................................	20
2.	Comments on the Consolidated Statement of Financial Position....................................................	20
2.1. Shareholder's Equity.....................................................................................................................................	20
3.	Comments on the Consolidated Income Statement.............................................................................	20
3.1. Financial Result ...............................................................................................................................................	20
4.	Segment Reporting............................................................................................................................................	21
5.	Additional Disclosure.........................................................................................................................................	23
5.1. Additional disclosures on financial instruments .................................................................................	23
5.2. Significant Events after the reporting period (subsequent report) ............................................	24
5.3. Related Party Disclosure..............................................................................................................................	24

Group Management Report for the 1st Quarter of 2022/2023 (unaudited)

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

IFRS

		1st Quarter	1st Quarter
		2022/2023	2021/2022*
Revenue	m€	288.31	102.84
EBITDA	m€	29.16	22.26
EBITDA margin	%	10.1%	21.6%
EBIT1	m€	14.83	9.64
EBIT margin	%	5.1%	9.4%
Result before income tax	m€	6.52	4.40
Net result	m€	3.35	2.18
Net result margin	%	1.2%	2.1%
Cash flow from operating activities	m€	3.11	8.98
Cash flow from investing activities	m€	-9.26	-1.67
Free cash flow	m€	-6.15	7.31
EBITDA per share	€	2.99	2.28
EBIT per share	€	1.52	0.99
Earnings per share	€	0.34	0.22
ROS	%	2.3%	4.3%
		30 June 2022	31 March 2022
Equity	m€	166.72	135.98
Equity ratio	%	17.2%	15.6%
Net debt (net financial liabilities)	m€	348.50	318.47
Net debt to EBITDA		3.38	3.31
Net gearing	%	209.0%	234.2%
Working capital	m€	3.80	-26.50
Cash and cash equivalents	m€	195.26	207.63
Equity per share (book entry)	€	13.88	11.71
High2	€	90.00	94.00
Low2	€	72.00	64.90
Price at the end of the period2	€	79.50	76.40
Number of shares at the end of the period	TPie	9,744	9,744
Market capitalisation at the end of the period	m€	774.65	744.44
Employees		10,449	8,460

• Prior year figures have been restated in accordance with IAS 8. Further information is provided in Section 1.3. of the Notes. 1… EBIT includes an insignificant amount of financing income
  2 … Closing rate

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2. Business Development

Group			1st Quarter
					Change
		2022/2023	2021/2022*	Change
		in %
Revenue	m€	288.31	102.84	185.48	180.4%
Other operating income	m€	3.60	11.27	-7.67	-68.0 %
Cost of materials	m€	-120.93	-30.93	-90.00	-290.9 %
Personnel expenses	m€	-99.89	-41.25	-58.64	-142.2 %
Other operating expenses	m€	-42.37	-19.74	-22.64	-114.7 %
Result of equity investments accounted for using the	m€	0.45	0.07	0.37	511.8 %
equity method
EBITDA - Operating result before	m€	29.16	22.26	6.90	31.0%
amortisation / depreciation and effects from
impairment tests
Amortisation / depreciation and effects from impairment	m€	-14.33	-12.62	-1.71	-13.6 %
tests
EBIT - Operating result	m€	14.83	9.64	5.19	53.9%
Financial result	m€	-8.31	-5.24	-3.07	-58.6 %
Result before income tax	m€	6.52	4.40	2.12	48.2%
Income tax	m€	-3.33	-1.78	-1.55	-87.4 %
Result after income tax	m€	3.19	2.62	0.57	21.6%
Thereof net profit attributable to non-controlling	m€	-0.16	0.45	-0.61	-135.7 %
interests
Thereof net profit attributable to shareholders of	m€	3.35	2.18	1.18	54.0%
DO & CO Aktiengesellschaft (Net result)
EBITDA margin	%	10.1%	21.6%
EBIT margin	%	5.1%	9.4%
Employees		10,449	7,496	2,953	39.4 %

* Prior year figures have been restated in accordance with IAS 8. Further information is provided in Section 1.3. of the Notes.

The recovery from the impacts of the COVID-19 pandemic that started in the previous business year has continued in the first quarter of the business year 2022/2023. DO & CO has benefited from an increase in demand across all divisions and at € 288.31m reported the strongest quarter in terms of revenue in its history despite the continuing depreciation of the Turkish lira. Exchange rate fluctuations against the euro compared to the first quarter of the business year 2021/2022 resulted in a negative effect on Group revenue in the amount of € 51.30m, which was primarily due to the decline of the Turkish lira. Since a significant portion of costs in the Turkish subsidiaries is incurred in the local currency, the margins have largely remained unaffected by this development.

The result of the first quarter of the business year 2022/2023 was strongly affected by application of the provisions of IAS 29 "Financial reporting in hyperinflationary economies" to the financial statements of the Turkish subsidiaries. At € 7.78m, the net result would have been € 4.43m higher without applying IAS 29. As regards the result, the positive trend of the previous quarters has continued. Despite the strain resulting from the depreciation of the Turkish lira, at € 195.26m the Company again reports a high amount of cash and cash equivalents in the first quarter of the business year 2022/2023.

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2.1. Revenue

In the first quarter of the business year 2022/2023, the DO & CO Group recorded revenue in the amount of € 288.31m. This constitutes an increase in revenue by 180.4% or € 185.48m as compared to the same period of the previous year.

Revenue			1st Quarter
		2022/2023	2021/2022		Change	Change	2022/2023
			in %	excl. IAS 29
Airline Catering	m€	219.65	77.53		142.12	183.3 %		219.05
International Event Catering	m€	42.18	14.13		28.05	198.6 %		42.18
Restaurants, Lounges & Hotels	m€	26.48	11.18		15.30	136.9 %		26.48
Group Revenue		288.31	102.84		185.48	180.4%		287.71
Share of Group Revenue		1st Quarter
		2022/2023	2021/2022
Airline Catering	%	76.2 %	75.4 %
International Event Catering	%	14.6 %	13.7 %
Restaurants, Lounges & Hotels	%	9.2 %	10.9 %
Group Revenue		100.0%	100.0%

In the first quarter of the business year 2022/2023, revenue of the Airline Catering division grew by € 142.12m from € 77.53m to € 219.65m. This represents an increase of 183.3%. The Airline Catering division's revenue produced 76.2% of the Group's overall revenue (PY: 75.4%).

In the first quarter of the business year 2022/2023, revenue of the International Event Catering division rose by € 28.05m from € 14.13m to € 42.18m. This represents an increase of 198.6%. The International Event Catering division's revenue produced 14.6% of the Group's overall revenue (PY: 13.7%).

In the first quarter of the business year 2022/2023, revenue of the Restaurants, Lounges & Hotels division increased by € 15.30m from € 11.18m to € 26.48m. This represents an increase of 136.9%. The revenue of the Restaurants, Lounges & Hotels division produced 9.2% of the Group's overall revenue (PY: 10.9%).

2.2. Result

As of the first quarter of the business year 2022/2023, Türkiye can be classified as a hyperinflationary country pursuant to IAS 29 "Financial reporting in hyperinflationary" economies. Applying the provisions of IAS 29 results in a material impact on the consolidated income statement. Details are presented in the table below.

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