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) ................. | ||
Key Figures of the DO & CO Group in accordance with IFRS .................................. | ||
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 |
1
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.
2
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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DO & CO AG published this content on 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 07:10:08 UTC.