DO & CO AG — Annual Report 2023

Jun 15, 2023

DO & CO AKTIENGESELLSCHAFT

ANNUAL FINANCIAL REPORT

BUSINESS YEAR 2022/2023

1. Highlights 1 2. Key Figures of the DO & CO Group in accordance with IFRS 6 3. Economic Environment 7 4. Business Development 9 4.1. Revenue 9 4.2. Result 10 4.3. Statement of financial position 11 4.4. Employees 12 4.5. Research & Development 12 4.6. Non-financial performance indicators 12 13 4.7. Airline Catering 4.8. International Event Catering 16 4.9. Restaurants, Lounges & Hotels 18 4.10. Share / Investor Relations / Information Pursuant to Section 243a UGB 20 5. Outlook 28 30 6. Risk and Opportunity Management 7. Internal Control System 42 Consolidated Corporate Governance Report 44 1. Commitment to the Code of Corporate Governance 44 2. The Management Board 44 45 3. The Supervisory Board 4. Diversity Concept 49 5. Measures to promote Women on the Management Board, Supervisory Board and in 49 Executive Positions Report of the Supervisory Board 50 Consolidated Financial Statements 2022/2023 of DO & CO Aktiengesellschaft in 53 accordance with IFRS 1. Consolidated Statement of Financial Position 54 2. Consolidated Income Statement 55 3. Consolidated Statement of Comprehensive Income 56 4. Consolidated Statement of Cash Flows 57 5. Consolidated Statement of Changes in Equity 58 Notes to the Consolidated Financial Statements 59 59 1. General Information 2. Effects of new and / or amended IFRS 60 2.1. New and amended standards and interpretations 60 2.2. New standards not yet effective 60 3. Financial reporting in hyperinflationary economies 61 62 4. Significant Accounting Principles
4.1. Consolidation 62
4.2. Currency conversion 64
4.3. Accounting methods 64
4.4. Significant discretionary decisions and estimates 74
76 5. Comments on the Consolidated Statement of Financial Position
5.1. Intangible assets 76

5.3. Investments accounted for using the equity method	80
5.4. Other financial assets	81
5.5. Inventories	81
5.6. Trade receivables	81
5.7. Other non-financial assets (current)	82
5.8. Cash and cash equivalents	83
5.9. Assets held for sale / liabilities directly attributed to assets held for sale	83
5.10. Shareholders' equity	84
5.11. Convertible Bond	86
5.12. Other financial liabilities (non-current)	86
5.13. Non-current provisions	87
5.14. Income tax	88
5.15. Other financial liabilities (current)	89
5.16. Trade payables	90
5.17. Current provisions	90
5.18. Other liabilities (current)	90
6. Comments on the Consolidated Income Statement	91
6.1. Revenue	91
6.2. Other operating income	91
6.3. Cost of materials	92
6.4. Personnel expenses	92
6.5. Other operating expenses	93
6.6. Result of equity investments accounted for using the equity method	93
6.7. Amortisation / depreciation and effects from impairment tests	93
6.8. Financial result	94
6.9. Income tax	94
6.10. Earnings per share	95
6.11. Proposed appropriation of profit	96
7. Comments on the Consolidated Statement of Cash Flows	97
8. Segment Reporting	98
9. Additional Disclosures	101
9.1. Contingencies and financial liabilities	101
9.2. Leases	101
9.3. Additional disclosures on financial instruments	103
9.4. Significant events after the reporting period (subsequent report)	110
9.5. Related party disclosures	110
9.6. Investments	112
9.7. Corporate boards	114
Auditor's Report	116
Statements by all Legal Representatives Pursuant to Section 124 Austrian Stock Exchange Act	121

Group Management Report for 2022/2023

1. Highlights

#businessisback – For the first time in its corporate history the DO & CO Group recorded revenue of over one billion already after three quarters. Revenue was further increased up to the end of the business year, with DO & CO recording Group revenue of € 1,419.35m in by far the strongest business year in terms of revenue of its corporate history. The Company was again able to report a positive free cash flow (even after the redemption of group liabilities) in this business year.

It is noteworthy that cash and cash equivalents increased to € 235.16m.

The net debt to EBITDA ratio is very pleasing, as it was reduced by nearly half within the business year 2022/2023 and amounts to 1.92 (PY: 3.31) as of 31 March 2023.

Thanks to the successful business year, the Management Board will propose a dividend of € 1.00 per share to the General Meeting of Shareholders.

In the course of the business year 2022/2023, the Group was able to steadily increase revenue. Both the Airline Catering division and the International Event Catering division even generated new record revenues. The fourth quarter of the business year 2022/2023 was the Airline Catering division's strongest quarter in terms of revenue in DO & CO's corporate history. The International Event Catering division also reported its strongest year in terms of revenue.

The positive trend also continues with regard to the result. At € 143.33m, DO & CO generated the highest EBITDA in its corporate history in the business year 2022/2023.

The result of the business year 2022/2023 has been strongly affected by application of the provisions of IAS 29 "Financial reporting in hyperinflationary economies" to the financial statements of the Turkish subsidiaries. These are solely measurement effects not leading to any cash outflows. At € 44.13m, the net result would have been € 10.49m higher without applying IAS 29.

The net profit attributable to the shareholders of DO & CO Aktiengesellschaft (Net result) is € 33.64m (PY: € 11.00m). Earnings per share thus amount to € 3.44 (PY: € 1.13).

During the business year 2022/2023, the Turkish lira continued to decline significantly against the euro. While the Turkish lira still reported an exchange rate against the euro of 16.28 EUR/ TRY at the beginning of the business year 2022/2023, it only amounted to 20.86 EUR/TRY at the end of March 2023, thus having fallen by 28.1%. Since a significant portion of costs are incurred in the local currency, the margins remain largely unaffected by this development.

DO & CO creates more than 3,000 new jobs

Due to high demand in all its divisions, DO & CO faced the challenge of acquiring new employees in all business divisions and inspiring them to work in the hospitality industry. DO & CO is proud to have hired 3,000 new employees in the business year under review, each of whom has their own unique personality and a passion for hospitality. DO & CO aims to be the best employer in the industry. New working time models and framework conditions adapted to employees' needs have already achieved initial success in making DO & CO an

attractive employer that offers flexibility, excellent remuneration and international career opportunities.

New DO & CO location in Miami

In the business year under review, the establishment of the new gourmet kitchen in Miami was commenced, and completion is imminent. This is the sixth location in the US, following New York-JFK, Chicago, Boston, Detroit and Los Angeles. The property of about 20,000 m² initially serves as a logistics hub for International Event Catering activities in North, Central and South America. The location has already successfully bid in several tenders for various airline customers.

Win of significant new airline catering customers:

Despite the ongoing difficult market environment for the Airline Catering division, amounting on average to only about 70% of pre-crisis levels, DO & CO managed to build and further develop relationships with new customers and to strengthen its position as the leading premium airline caterer in the business year 2022/2023. DO & CO was able to acquire a number of renowned new customers at various locations, in alphabetical order:

•	Air Premia	ex Los Angeles
•	All Nippon Airways	ex Munich
•	Angola Airlines	ex Madrid
•	Etihad	ex New York-JFK, Munich, Vienna
•	EVA Air	ex Munich
•	KLM	ex New York-JFK, Chicago, Los Angeles
•	Oman Air	ex London Heathrow
•	Qatar Airways	ex London Heathrow

Freshly prepared DO & CO meals on all long-haul British Airways flights

In addition to Delta, British Airways now also relies on freshly prepared DO & CO meals on all of its economy class long-haul flights. This decision of the airline and the continuous increase in air traffic at London Heathrow ensured that the capacities of the new gourmet kitchen at London Heathrow were much better utilised. Previously, meals had been sourced as frozen products via a third-party supplier. By switching to fresh menus, regional raw ingredients are used as far as possible, and carbon emissions are strongly reduced as long transport routes for individual ingredients of the meals are avoided and the frozen meals are no longer stuck in long supply chains.

Rising prices for raw materials and energy

DO & CO is proactively countering rising prices for raw materials and energy. Price adjustments have been implemented in the Airline Catering division in almost all airlines, as the Company has fair long-term relationships with its customers.

World's Best Business Class Catering for Turkish Airlines

In the business year 2022/2023, Turkish Airlines was able to achieve favourable flight volumes and passenger numbers and to work together with DO & CO on further developing the premium quality and the distinctive features of the Airline Catering product. Therefore, DO & CO is especially proud that its long-standing partner once again won the Skytrax award "World's Best Business Class Catering" in 2022.

Donation to the earthquake victims in Türkiye

In order to support the earthquake victims in Türkiye that suffered the effects of this terrible incident, DO & CO decided to assume social responsibility, as we also did for our employees in the Ukraine after the outbreak of the war. DO & CO commenced its humanitarian aid already on the day the earthquake occurred. Examples of measures DO & CO took are establishing at short notice a production facility that provided warm meals for the earthquake victims in the tent city built on-site, producing up to 10,000 lunch boxes daily, donations in kind and providing catering services for charter flights to and from the affected region. The total of this aid was estimated at approximately € 2.1 million.

Luckily, neither DO & CO's employees nor their family members were hurt.

Finally, it should be noted that the natural disaster does not have any significant economic effects on Group level, because the earthquake was limited to the DO & CO location in Adana.

31st successive Formula 1 season with DO & CO

With 22 races in 20 countries, the new Formula 1 season 2022 is experiencing strong global customer demand, which is not least due to the fact that the Formula 1 owners and management have succeeded in reigniting Formula 1's appeal in recent years and in attracting strong interest worldwide. Since 1992 DO & CO has been a longstanding partner of Formula 1 and benefits especially from the increase in guests in the VIP area of the Paddock Club, which was open again all season for guests for the first time since the COVID-19 pandemic. Together with Formula 1 a new and innovative hospitality concept was implemented, making Formula 1 one of the best "money cannot buy experiences" worldwide and setting a new benchmark in the international sports world.

Also for the first two races of the new 2023 season in Bahrain and Saudi Arabia, DO & CO reported numbers of guests exceeding expectations and outstanding feedback by the customers. Furthermore, DO & CO is proud to announce that the Paddock Club in Miami and Las Vegas will also be operated by DO & CO starting with the 2023 season.

DO & CO as hospitality and catering partner at the FIFA World Cup in Qatar

Simultaneously with the last Formula 1 race of the 2022 season in Abu Dhabi, the FIFA World Cup in Qatar kicked off, for which DO & CO was engaged as hospitality and catering partner at a World Cup for the first time. With 8 stadiums, 64 matches in only 3 weeks and over 60,000 VVIP and VIP guests, DO & CO was able to prove its ability to reliably provide high-quality catering services even at short notice for one of the largest events worldwide. The feedback from very discerning local and international customers was outstanding.

Large number of premium events after lifting of capacity restrictions

In addition to Formula 1 and the FIFA World Cup, DO & CO provided catering for numerous other international major sport events in the previous business year.

Highlights of the business year 2022/2023 were the tennis tournament ATP Masters 1000 in Madrid, where with 34,000 guests over ten days, DO & CO provided catering services to more guests than ever, as well as the ATP 500 tournament in Vienna. The UEFA Champions League final, for which DO & CO provided catering services for the 16th time, required particular flexibility as the final was relocated from St. Petersburg to the Stade de France in Paris at short notice. DO & CO provided catering also for the beach volleyball European Championships in Vienna, as well as, for the first time since the COVID-19 pandemic, for the popular winter sports events Hahnenkamm ski race in Kitzbühel, the Nightrace in Schladming as well as the ski jumping tournament in Bischofshofen.

Bayern Munich's Allianz Arena, where capacity restrictions were lifted from April 2022, has hosted 23 football matches, including Champions League matches against FC Barcelona and Inter Milan with up to 75,000 guests. A special highlight was the NFL game between the Tampa Bay Buccaneers and the Seattle Seahawks in the sold-out Allianz Arena. Catering was provided by DO & CO to over 70,000 viewers, including 6,800 VIP guests, at the seven-hour event at the stadium. Furthermore, to cover the high demand outside of the stadium, 16 food trucks were positioned there.

DO & CO also provided catering at several major concerts in Munich Olympic Park. These included, among others, shows by "The Rolling Stones", "Guns n' Roses" and "Ed Sheeran" with up to 70,000 guests each. The two-day music festival "Superbloom" with 100,000 guests and the 11-day European Championships with 1.47m guests also took place. The Olympic Hall was the venue for a further 70 concerts. Artists such as "Billy Idol", the "Backstreet Boys" and "Placebo" attracted over 440,000 viewers to the Olympic Park.

Favourable utilisation of the new DO & CO hotel including restaurants in Munich

Following the soft opening in the business year 2021/2022, the new DO & CO Boutique Hotel in Munich was fully operating in the business year 2022/2023 and has already had excellent occupancy rates. In addition to the hotel, which shares the same building as FC Bayern World and has one of the best locations in Munich in the immediate vicinity of Marienplatz, DO & CO operates two restaurants at the same location, one offering Asian and international cuisine, the other Mediterranean specialities.

Expansion of the food service offer at Vienna Airport

After a break of two years, DO & CO was able to reopen restaurants and shops at Vienna Airport in the redesigned terminal 1 at the end of March 2022, and reported favourable frequencies due to an increase in air traffic after the end of the COVID-19 pandemic. Since the partnership with Vienna Airport has lasted for ten years, it is of particular importance to us to continue to foster this partnership in the future.

DO & CO in Qatar Airways Lounge at London Heathrow

The Restaurant, Lounges & Hotels division has reported further success. Since June 2022, DO & CO has also provided culinary services for the Premium Lounge of Qatar Airways at London Heathrow with over ten thousand guests per month.

DO & CO supports employees from Ukraine

Due to the outbreak of the war in Ukraine on 24 February 2022, all business activities at the Airline Catering location in Kyiv had to be suspended towards the end of the business year 2021/2022. A crisis team implemented specifically for this purpose was responsible for minimising the negative effects, in particular for all employees. DO & CO has assisted all those employees who have not been conscripted to military service in changing to a different DO & CO location. This way, it was possible to evacuate 67 DO & CO employees, children and relatives from the war zone and accommodate as well as integrate them in Vienna. In addition to providing accommodation, DO & CO also offered them the opportunity to work at one of its locations in Vienna.

Sustainability at DO & CO

At DO & CO sustainability lies at the heart of its business growth. DO & CO firmly believes in making a positive impact on society and the environment, as evidenced by its ongoing efforts and achievements. As a testament to DO & CO's commitment, the company has donated over € 2m in humanitarian aid, providing support during crises such as the earthquake in Türkiye and continuous aid in Ukraine. Through these initiatives, DO & CO aims to contribute to the well-being of affected communities and foster resilience in challenging times. Furthermore, the company's operations have created over 3,000 jobs, generating economic opportunities for local communities, particularly in Türkiye and the United States. New and existing members of staff are continuously trained in leadership, career development and communication to maximise their employee experience at DO & CO. Recognizing that, as the company's business expands, it is crucial to minimise the environmental footprint.

Although DO & CO's absolute consumption of water and energy has naturally increased with an uptake in flights and events, the company successfully managed to reduce its water and electricity consumption by 6% and 46% respectively in relation to meals served. This achievement can be attributed to the company's proactive approach of investing in state-ofthe-art and resource-efficient equipment as DO & CO continues to expand.

By embracing innovation and efficiency, DO & CO optimises resource utilisation and contributes to the preservation of vital resources. In alignment with the company's environmental goals, DO & CO has embarked on a path towards achieving net-zero emissions. This year, DO & CO has committed to Science-Based Targets initiative (SBTi) targets for its Scope 1, 2, and 3 emissions, demonstrating the company's dedication to taking measurable actions to address climate change. Notably, the group has already achieved 100% renewable energy consumption in its Spanish unit and is actively rolling out this approach to other operational units.

In addition to energy consumption, DO & CO is also focusing on sustainable material use. Currently, 58% of the materials utilised are reusable or recyclable, contributing to a more circular economy. The company collaborates closely with its customers to explore and adopt even more sustainable material options, furthering its shared commitment to reducing environmental impact. At DO & CO, sustainability is ingrained in the business philosophy. DO & CO understands the importance of creating positive change and is proud to lead by example. As the company continues to evolve, it remains steadfast in its pursuit of a more sustainable future, where social responsibility and environmental stewardship go hand in hand with exceptional service and culinary excellence.

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

The calculation of the key figures is explained in the Glossary of Key Figures.

		Business Year	Business Year
		2022/2023	2021/2022
Revenue	m€	1,419.35	705.20
EBITDA	m€	143.33	96.34
EBITDA margin	%	10.1 %	13.7 %
EBIT1	m€	85.71	42.40
EBIT margin	%	6.0 %	6.0 %
Result before income tax	m€	49.30	24.00
Net result	m€	33.64	11.00
Net result margin	%	2.4 %	1.6 %
Cash flow from operating activities	m€	114.12	66.51
Cash flow from investing activities	m€	-31.92	-13.84
Free cash flow	m€	82.20	52.67
EBITDA per share3	€	14.66	9.89
EBIT per share3	€	8.76	4.35
Basic/Undiluted earnings per share	€	3.44	1.13
Diluted earnings per share	€	3.37	1.29
ROS	%	3.5 %	3.4 %

		31 March 2023	31 March 2022
Equity	m€	198.18	135.98
Equity ratio	%	19.6 %	15.6 %
Net debt (net financial liabilities)	m€	274.87	318.47
Net debt to EBITDA		1.92	3.31
Net gearing	%	138.7 %	234.2 %
Working capital	m€	-14.92	-26.50
Cash and cash equivalents	m€	235.16	207.63
Equity per share (book entry)	€	17.48	11.71
High2	€	111.00	94.00
Low2	€	67.70	64.90
Price at the end of the period2	€	107.60	76.40
Number of shares at the end of the period	TPie	9,950	9,744
Weighted average no. of shares at the end of the period	TPie	9,779	9,744
Market capitalisation at the end of the period	m€	1,070.61	744.44
Employees		11,411	8,460

1… EBIT includes an insignificant amount of financing income

2 … Closing rate

3… Calculated with the weighted number of shares

3. Economic Environment¹

Following an increase in global economic performance in 2021 (6.0%) and in 2022 (3.4%), further increase is expected. In October 2022, the International Monetary Fund (IMF) predicted an increase in economic performance of 2.7%. These estimates generally coincide with the update from April 2022.

IMF economists expect the global economy to grow by 2.8% and 3.0% in 2023 and 2024, respectively. The forecast for 2023, which was adjusted upwards compared to the expectations from October (2.7%), is mainly due to the expected impact of the ongoing war in Ukraine, the price increases and tightening financing conditions. The IMF concedes that the predictions are subject to significant uncertainty.

The IMF expects hospitalisation and mortality rates to settle down at a low level in most countries. In 2022, the IMF forecast growth in economic performance of 3.5% for the eurozone compared to 5.4% in the previous year. Similar to the development of the global economy, growth in the eurozone was as forecast in October 2022 (3.1%). With regard to the future development of the economy in the eurozone, the anticipated positive developments as a result of the ongoing recovery from the COVID-19 pandemic have been hampered by the impact of the war in Ukraine. In April 2023, the IMF forecast economic growth in the eurozone of 0.8% and 1.4% for 2023 and 2024 respectively, while the forecast for 2023 was only 0.5% in October 2022. Countries with a comparably large manufacturing sector, such as Germany and Italy, are particularly highly affected by strongly increased prices due to their dependency on energy imports from Russia.

After an increase of 4.6% in the previous year, the Austrian economy reported growth in economic performance of 5.0% in 2022. Economic growth in 2022 is thus higher than that in the eurozone. In particular, the increase in foreign trade and manufacturing as a result of the ongoing recovery from the impact of the COVID-19 pandemic has contributed to economic growth. At 4.8% (Eurostat definition), unemployment in 2022 was slightly lower than in the previous year (6.2%) and remains at a relatively high level. At 6.5% in March 2023, the seasonally adjusted average unemployment rate in the eurozone remained above the EU average. It continues to be higher than that in Austria. The domestic inflation rate (Harmonised Index of Consumer Prices) increased to 8.6% already in 2022. Price increases as a result of the war in Ukraine can also be observed when looking at the inflation forecasts for Austria. The Austrian Institute of Economic Research (WIFO) expects an inflation rate of 7.1% for 2023. Unlike in previous years, the inflation rate in Austria is slightly above the rate of the European Union (8.4%) in 2022. The WIFO forecasts economic growth of 0.3% for 2023 (status: March 2023), representing a downward adjustment compared to the forecasts from March 2022 (5.0%).

In 2022, Türkiye recorded economic growth of 5.6%, while economic growth of 2.7% is expected for 2023. While inflation in Türkiye was still 64.3% in 2022, it decreased in the first months of 2023 and amounted to 43.68% in April 2023. This development is primarily the

https://www.imf.org/en/Publications/WEO/Issues/2021/10/12/world-economic-outlook-october-2021

https://www.imf.org/en/Publications/WEO/Issues/2022/04/19/world-economic-outlook-april-2022

• https://www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-outlook-october-2022
• https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023
• https://www.wko.at/service/zahlen-daten-fakten/wirtschaftslage-prognose.html#
• https://wko.at/statistik/eu/europa-arbeitslosenquoten.pdf https://wko.at/statistik/eu/europa-inflationsraten.pdf

https://www.wko.at/service/aussenwirtschaft/tuerkei-wirtschaftsbericht.pdf https://www.wko.at/service/aussenwirtschaft/korea-republik-wirtschaftsbericht.pdf

¹ Source of economic data:

https://www.wko.at/service/aussenwirtschaft/korea-republik-wirtschaftsbericht.pdf

result of high exports, an increase in the manufacturing sector, as well as higher consumer spending. The high inflation is also expected to affect the assets and liabilities, financial situation and results of operations of the DO & CO Group. Section 3. of the notes to the consolidated financial statements provides further information in this regard.

The UK reported an increase in economic performance of 4.0% in 2022. For 2023, IMF analysts predict economic decline of 0.3%.

Economic growth in the US amounted to 2.1% in 2022. For 2023, the IMF anticipates an increase in economic performance of 1.6%. These figures were adjusted upwards by 0.6 percentage points as compared to the forecasts from October 2022.

Ukraine reported economic decline of 30.3% in 2022. This is essentially due to the outbreak of war on 24 February 2022. The impact on the Ukrainian economy is difficult to estimate at present. Based on the assumption that the conflict will not be solved quickly, the IMF predicts a decline in economic performance by approximately 3.0% in 2023. Beyond that there is no forecast for 2024.

Following an increase in economic performance of 2.6% in South Korea in 2022, economic growth of 1.5% is expected for 2023.

There are fewer profitable investment opportunities in the financial markets due to the rise in interest rates. Furthermore, the European Central Bank (ECB) increased the base rate in the eurozone to 3.5% on 22 March 2023 and subsequently to 3.75% on 10 May 2023. The US Federal Reserve (Fed) increased the base rate by 0.25 percentage points in May 2023, leading to a range between 5% and 5.25%.

In the business year 2022/2023, the Austrian benchmark index ATX was up by 3.1%. The Turkish BIST 100 index increased by 115.5% during the same period.

In the business year 2022/2023, the euro varied between 0.97 and 1.11 against the US on 31 March 2023, the exchange rate stood at 1.09 EUR/USD, meaning that the US dollar was able to gain against the euro during the reporting period (PY: 1.11 EUR/USD on 31 March 2022). Pound sterling reported a decline from 0.85 EUR/GBP on 31 March 2022 to 0.88 EUR/GBP on 31 March 2023. The Turkish lira lost value against the euro, falling from 16.28 EUR/TRY on 31 March 2022 to 20.86 on 31 March 2023. As of 31 March 2023, the EUR/ CHF exchange rate stood at 1.00 as compared to 1.03 in the previous year. The Ukrainian hryvnia reported a depreciation during the reporting period, showing a EUR/UAH exchange rate of 39.78 on 31 March 2023 (compared to 32.59 EUR/UAH on 31 March 2022).

4. Business Development

Group	Business Year
		2022/2023	2021/2022	Change	Change in %
Revenue	m€	1,419.35	705.20	714.16	101.3 %
Other operating income	m€	18.25	49.82	-31.57	-63.4 %
Cost of materials	m€	-603.88	-272.21	-331.68	-121.8 %
Personnel expenses	m€	-464.78	-260.96	-203.81	-78.1 %
Other operating expenses	m€	-227.59	-126.48	-101.10	-79.9 %
Result of equity investments accounted for using the equity method	m€	1.97	0.98	0.99	101.7 %
EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	m€	143.33	96.34	46.99	48.8 %
Amortisation / depreciation and effects from impairment tests	m€	-57.63	-53.94	-3.69	-6.8 %
EBIT - Operating result	m€	85.71	42.40	43.31	102.1 %
Financial result	m€	-36.41	-18.40	-18.01	-97.9 %
Result before income tax	m€	49.30	24.00	25.30	105.4 %
Income tax	m€	-13.46	-10.08	-3.38	-33.6 %
Result after income tax	m€	35.84	13.92	21.91	157.4 %
Thereof net profit attributable to non-controlling interests	m€	2.19	2.93	-0.74	-25.1 %
Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	m€	33.64	11.00	22.65	206.0 %
EBITDA margin	%	10.1 %	13.7 %
EBIT margin	%	6.0 %	6.0 %
Employees		11,411	8,460	2,951	34.9 %

4.1. Revenue

Revenue		Business Year
		2022/2023	2021/2022	Change	Change in %	2022/2023 excl. IAS 29
Airline Catering	m€	1,069.70	518.65	551.05	106.2 %	1,017.37
International Event Catering	m€	218.23	117.21	101.02	86.2 %	218.23
Restaurants, Lounges & Hotels	m€	131.43	69.34	62.09	89.5 %	124.21
Group Revenue		1,419.35	705.20	714.16	101.3 %	1,359.81

In the 2022/2023 business year, the DO & CO Group recorded revenue in the amount of € 1,419.35m (PY: € 705.20m), representing an increase in revenue of € 714.16m or 101.3% as compared to the previous year, despite the devaluation of the Turkish lira. This depreciation and the conversion using the average annual exchange rate results in Group revenue that is € 268.77m lower than when translating revenue in Turkish lira using the average exchange rate for the business year 2021/2022.

In the business year 2022/2023, revenue of the Airline Catering division increased by € 551.05m from € 518.65m to € 1,069.70m. This represents an increase of 106.2%. The Airline Catering division's revenue constituted 75.4% of the Group's overall revenue (PY: 73.5%). For further information, please refer to section 4.7 Airline Catering.

In the business year 2022/2023, revenue of the International Event Catering division increased by € 101.02m from € 117.21m to € 218.23m. This represents an increase of 86.2%. The revenue of the International Event Catering division constituted 15.4% of the Group's overall revenue (PY: 16.6%). For further information, please refer to section 4.8 International Event Catering.

In the business year 2022/2023, revenue of the Restaurants, Lounges & Hotels division increased by € 62.09m from € 69.34m to € 131.43m. This represents an increase of 89.5%. The revenue of the Restaurants, Lounges & Hotels division constituted 9.3% of the Group's overall revenue (PY: 9.8%). For further information, please refer to point 4.9 Restaurants, Lounges & Hotels.

4.2. 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.

		Business Year	Application of IAS 29	Business Year excl. IAS 29	Business Year
		2022/2023		2022/2023	2021/2022
Revenue	m€	1,419.35	59.55	1,359.81	705.20
Other operating income	m€	18.25	0.22	18.04	49.82
Cost of materials	m€	-603.88	-31.96	-571.93	-272.21
Personnel expenses	m€	-464.78	-16.25	-448.52	-260.96
Other operating expenses	m€	-227.59	-8.39	-219.19	-126.48
Result of equity investments accounted for using the equity method	m€	1.97	0.00	1.97	0.98
EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	m€	143.33	3.16	140.17	96.34
Amortisation / depreciation and effects from impairment tests	m€	-57.63	-4.08	-53.54	-53.94
EBIT - Operating result	m€	85.71	-0.92	86.63	42.40
Financial result	m€	-36.41	-17.69	-18.73	-18.40
Result before income tax	m€	49.30	-18.61	67.90	24.00
Income tax	m€	-13.46	-0.65	-12.80	-10.08
Result after income tax	m€	35.84	-19.26	55.10	13.92
Thereof net profit attributable to non-controlling interests	m€	2.19	8.77	10.97	2.93
Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	m€	33.64	-10.49	44.13	11.00
EBITDA margin	%	10.1 %	-0.2 %	10.3 %	13.7 %
EBIT margin	%	6.0 %	-0.3 %	6.4 %	6.0 %
Net Result margin		2.4 %	-0.9 %	3.2 %	1.6 %

Other operating income amounts to € 18.25m (PY: € 49.82m). This represents a decrease of € 31.57m which is mainly due to high government support measures in the first half of the previous business year.

In absolute figures, cost of materials increased by € 331.68m (121.8%), from € 272.21m to € 603.88m, at a revenue increase rate of 101.3%. Cost of materials as a proportion of revenue

thus increased from 38.6% to 42.5%. Cost of materials ratio is thus again in line with the pre-corona level.

Personnel expenses in absolute figures increased to € 464.78m in the business year 2022/2023 (PY: € 260.96m). In relation to revenue, personnel expenses thus amount to 32.7% (PY: 37.0%).

Other operating expenses increased by € 101.10m or 79.9%. Accordingly, other operating expenses made up 16.0% of revenue (PY: 17.9%).

The result of investments accounted for using the equity method amounts to € 1.97m in the business year 2022/2023 (PY: € 0.98m).

The EBITDA margin was 10.1% in the business year 2022/2023 (PY: 13.7%).

In the business year 2022/2023, amortisation / depreciation and effects from impairment tests amounted to € 57.63m, representing a decrease on the previous year (PY: € 53.94m).

The EBIT margin is 6.0% in the business year 2022/2023 (PY: 6.0%).

The financial result for the business year 2022/2023 declined slightly from € -18.40m to € -36.41m. Interest and similar expenses includes interest expenses incurred for the convertible bond issued in January 2021 in the amount of € 4.35m (PY: € 4.35m), for loans, for the compounding of termination benefit obligations and other non-current obligations in the amount of € 4.99m (PY: € 5.39m) as well as for the compounding of lease liabilities in the amount of € 10.58m (PY: € 11.23m). Moreover, this position also includes the result related to the net position of monetary items in connection with IAS 29 in amount of € -17.86m.

The tax expense in the business year 2022/2023 amounts to € 13.46m (PY: € 10.08m). The tax ratio (taxes as a proportion of untaxed income) was 27.3% in the business year 2022/2023 (PY: 42.0%).

For the business year 2022/2023, the Group generated a profit after income tax of € 35.84m (PY: € 13.92m). € 2.19m (PY: € 2.93m) of the profit after income tax is attributable to non-controlling interests.

The net profit attributable to the shareholders of DO & CO Aktiengesellschaft (net result) therefore amounts to € 33.64m (PY: € 11.00m). Basic result per share amounts to € 3.44 (PY: € 1.13), diluted result per share amounts to € 3.37 (PY: €1.29 - not diluted).

4.3. Statement of financial position

In addition to adjustments in the consolidated income statement, accounting pursuant to IAS 29 "Financial reporting in hyperinflationary economies" also results in impacts on the consolidated statement of financial position for the subsidiaries using the Turkish lira as their functional currency. Non-current assets increase by € 13.83m compared to the statement of financial position as of 31 March 2023 prior to application of IAS 29, mainly due to the indexation of property, plant and equipment as well as the investment property. Moreover, in particular the indexation of inventories results in an increase of current assets by € 1.61m. The increase in total assets by € 15.44m is reflected by an increase in the consolidated equity by € 12.61m on the equity and liabilities side. In addition, the indexation of assets results in deferred tax liabilities in the amount of € 2.83m.

The Group's equity amounts to € 198.18m as of 31 March 2023. The equity ratio thus is 19.6% as of 31 March 2023 (PY: 15.6%).

4.4. Employees

The average number of staff (full-time equivalent) in the business year 2022/2023 was 11,411 (PY: 8,460 employees). The number of staff (full time equivalent) as at 31 March 2023 was 12,273 (PY: 9,222 employees).

4.5. Research & Development

Within the context of creating and optimising service concepts for customers, the Company performs research and development activities regarding meals and design of packaging, tableware and equipment.

4.6. Non-financial performance indicators

Pursuant to the Austrian Sustainability and Diversity Improvement Act (NaDiVeG), DO & CO is required to publish a non-financial report for the business year 2022/2023. This report is available at the website (www.doco.com).

4.7. Airline Catering

Airline Catering				Business Year
		2022/2023	2021/2022	Change	Change in %	2022/2023 excl. IAS 29
Revenue	m€	1,069.70	518.65	551.05	106.2 %	1,017.37
EBITDA	m€	111.62	68.58	43.04	62.8 %	109.49
Depreciation/amortisation	m€	-45.31	-38.65	-6.66	-17.2 %	-41.65
Effects from Impairment tests	m€	-0.07	-2.86	2.79	97.7 %	-0.07
Impairment	m€	-0.07	-3.21	3.15	97.9 %	-0.07
Appreciation	m€	0.00	0.35	-0.35	-100.0 %	0.00
EBIT	m€	66.25	27.07	39.18	144.7 %	67.78
EBITDA margin	%	10.4 %	13.2 %			10.8 %
EBIT margin	%	6.2 %	5.2 %			6.7 %
Share of Group Revenue	%	75.4 %	73.5 %			74.8 %

With its unique, innovative and competitive product portfolio, the Airline Catering division generates the largest share of the DO & CO Group's revenue.

DO & CO operates 32 gourmet kitchens worldwide in twelve countries on three continents.

DO & CO's customer portfolio includes more than 60 airlines. This clientele includes major players such as American Airlines, Austrian Airlines, British Airways, Cathay Pacific, China Airlines, Delta Air Lines, Emirates, Etihad Airways, EVA Air, Egypt Air, Iberia, Iberia Express, JetBlue, Korean Air, LOT Polish Airlines, Oman Air, Pegasus Airlines, Qatar Airways, Singapore Airlines, South African Airways, Thai Airways and Turkish Airlines.

In the fourth quarter of the business year 2022/2023, a new revenue record was achieved in the Airline Catering division. With revenue amounting to € 309.95m, not only was the fourth quarter of the previous year exceeded, but the Company also reported the strongest quarter revenue in its history. This underlines the high demand for premium solutions in Airline Catering. Despite the ongoing difficult market environment, the Airline Catering division generated a massive increase in revenue of 106.2% in the business year 2022/2023 compared to the previous year. Revenue amounts to € 1,069.70m (PY: € 518.65m). At € 111.62m, EBITDA is € 43.04m higher than the figure for the same period of the previous year. EBIT amounts to € 66.25m (PY: € 27.07m). The EBITDA margin was 10.4% in the business year 2022/2023 (PY: 13.2%). The EBIT margin is 6.2% (PY: 5.2%).

Although demand for international air traffic has increased, enabling development and expansion of customer relations, it should still be noted that the entire Airline Catering market has only reached approximately 70% of pre-crisis levels. However, a strong upward trend is noticeable, which is reflected in a steady increase in frequencies and occupancy rates. Altogether, the 32 gourmet kitchens operated by the DO & CO Group around the globe catered for more than 125 million passengers on over 705,000 flights.

DO & CO is proactively countering rising prices for raw materials and energy. Price adjustments have already been implemented in the Airline Catering division in almost all airlines, as the Company has fair long-term relationships with its customers. Impairments were set up in this division for COVID-19 subsidies not yet paid out, since the payment is uncertain due to the change in the interpretation of the term "company group".

With regard to the developments of the international Airline Catering locations, the following is worth noting:

US

The market position in the US was further expanded in the business year 2022/2023. The establishment of the new location in Miami is underway. A property of about 20,000 m² is available and initially served as logistics hub for International Event Catering activities in North, Central and South America. The gourmet kitchen will commence operation in the following business year. This is the sixth location in the US, following New York-JFK, Chicago, Boston, Detroit and Los Angeles.

In addition to Miami, business activities in New York will also be expanded. Since May 2022, DO & CO has been providing catering services on all Etihad Airways flights ex New York-JFK and now ex Los Angeles as well. In addition, it was possible to win Air Premia as a customer at the location Los Angeles.

Moreover, DO & CO is pleased to have won KLM Royal Dutch Airlines as customer at the high frequency locations in New York-JFK, Chicago and Los Angeles for the first time.

Having won these additional customers is not only important proof of DO & CO's capability, it is also an opportunity to significantly intensify business relations with these customers in the future, and thus to grow further, in particular in the US.

UK

The continuous increase in air traffic at London Heathrow as well as the decision by British Airways to also offer freshly prepared DO & CO meals on its economy class long-haul flights ensured that the capacities of the new gourmet kitchen at London Heathrow were much better utilised. Previously, meals had been sourced as frozen products via a third-party supplier. By switching to fresh menus, regional raw ingredients are used as far as possible, and carbon emissions are strongly reduced as long transport routes for individual ingredients of the meals are avoided and the frozen meals are no longer stuck in long supply chains.

Moreover, DO & CO has won the tenders for the airlines Qatar Airways and Oman Air at London Heathrow, strengthening the partnership with both airlines.

SPAIN

In the business year under review, revenues were increased by expanding business activities with the customer Iberia. After the end of the COVID-19 pandemic, the number of take-offs as well as the utilisation rate developed very favourably. The use of fresh, seasonal and local products is very well received by passengers.

TÜRKIYE

After 2021 and 2022 Turkish Airlines once again won the Skytrax award for "Best Business Class Onboard Catering" (www.worldairlineawards.com) and won second place in the category "Best Business Class Airline Lounge Catering". Since 2014, either Turkish Airlines or Austrian Airlines, both long-standing DO & CO hub customers, have been given first place in the prestigious "Best Business Class Onboard Catering" award. During the business year 2022/2023, the Turkish lira continued to decline significantly against the euro. While the Turkish lira still reported an exchange rate against the euro of 16.2824 EUR/TRY at the beginning of the business year 2022/2023, it only amounted to 20.8633 EUR/TRY at the end of March 2023, thus having fallen by 28.1%. Since a significant portion of costs are incurred in the local currency, the margins remain largely unaffected by this development.

In order to support the earthquake victims in Türkiye, DO & CO established on short notice a production facility for warm meals, producing up to 10,000 lunch boxes daily. Moreover, DO & CO provided catering services for charter flights to and from the affected region. The total of this aid was estimated at approximately € 2.1 million.

The natural disaster does not have any significant economic effects on Group level, because the earthquake was limited to the DO & CO location in Adana.

FURTHER LOCATIONS

Revenues were significantly increased after the end of the COVID-19 pandemic at the other locations in Austria, Germany, Poland, South Korea and Italy as well. Furthermore, DO & CO participates in tenders of all sizes on an ongoing basis to successfully continue on its growth path.

DO & CO strategy

• Strengthening the division's position as "the" premium supplier in the Airline Catering segment
• Unique, innovative and competitive product portfolio
• Long-term sustainable partnerships with customers at several locations
• One-stop supplier of airline catering services
• Gourmet kitchen approach: meals for all divisions are prepared in central kitchens in order to ensure consistent quality, know-how exchange across all divisions and high capacity utilisation

Competitive edge of DO & CO

• Finest ingredients, no use of additives, preservatives and flavour enhancers
• Highest restaurant quality despite all on-board limitations
• Product creativity and innovation

4.8. International Event Catering

International Event Catering		Business Year
		2022/2023	2021/2022	Change	Change in %	2022/2023 excl. IAS 29
Revenue	m€	218.23	117.21	101.02	86.2 %	218.23
EBITDA	m€	22.50	20.91	1.60	7.6 %	22.50
Depreciation/amortisation	m€	-4.02	-4.84	0.82	16.9 %	-4.02
EBIT	m€	18.48	16.06	2.42	15.0 %	18.48
EBITDA margin	%	10.3 %	17.8 %			10.3 %
EBIT margin	%	8.5 %	13.7 %			8.5 %
Share of Group Revenue	%	15.4 %	16.6 %			16.0 %

The International Event Catering division reported record revenue in the business year 2022/2023, outshining previous reference periods. With revenue of € 218.23m, the division reported the strongest year in terms of revenue in the Company's history. Pent-up demand after a long pause due to the pandemic, loyal regular customers as well as major new customers are key growth drivers in this division.

The International Event Catering division generated revenue of € 218.23m (PY: € 117.21m) in the business year 2022/2023.EBITDA stands at € 22.50m (PY: € 20.91m), resulting in an EBITDA margin of 10.3% (PY: 17.8%). EBIT is € 18.48m in the business year 2022/2023 (PY: € 16.06m). The EBIT margin is 8.5% (PY: 13.7%).

Formula 1 has succeeded in renewing its appeal in recent years and in attracting strong interest worldwide. Since 1992 DO & CO has been a long-standing partner of Formula 1 and benefits from this particular interest, especially from the increase in guests in the Paddock Club's VIP areas. With 22 races in 20 countries, the 2022 Formula 1 season is therefore experiencing huge interest and a strong global customer demand. Together with Formula 1 a new and innovative hospitality concept was implemented, making Formula 1 one of the best "money cannot buy experiences" worldwide and setting a new benchmark in the international sports world.

Simultaneously with the Formula 1 season finale – the GP in Abu Dhabi – the FIFA World Cup in Qatar was also kicked off, for which DO & CO was engaged as hospitality and catering partner at a World Cup for the first-time. Over the course of 29 days, DO & CO catered for approximately 60,000 high-profile VVIPs and VIPs at 64 games. DO & CO was once again able to prove its quality as a reliable and flexible partner at international major events. The customer feedback was outstanding, with organisational talent, attention to ambient detail and the incomparable exclusive meals even exceeding the expectations of discerning customers.

DO & CO was also represented at top-class tennis tournaments again in this business year. The ATP Masters 1000 tournament in Madrid at the beginning of May 2022 featured the world's leading tennis players. DO & CO again created a unique hospitality concept for the event, which was well received by guests, sponsors and players. With 34,000 guests over 10 days, this fantastic event saw catering services provided to more guests than ever. At the ATP Vienna tournament as part of the World Tour Series 500, DO & CO was also able to prove its operational excellence and served more than 7,500 VIP guests.

The UEFA Champions League final at the Stade de France in Paris, for which DO & CO was contracted to cater for guests for the 16th time, the beach volleyball European Championship as well as the film festival in Vienna were further spectacular major events in the business year 2022/2023. For the first time since the COVID-19 pandemic, winter sports events such as the popular Hahnenkamm ski race in Kitzbühel, the Nightrace in Schladming as well as the ski jumping tournament in Bischofshofen again took place with viewers. DO & CO provided catering at the highest level for winter sports enthusiasts and a pleasant atmosphere.

Bayern Munich's Allianz Arena – where capacity restrictions were lifted from April 2022 – has hosted 23 football matches, including Champions League matches against FC Barcelona, Paris Saint-Germain and Inter Milan with up to 75,000 guests each.

A special highlight was the NFL game between the Tampa Bay Buccaneers and the Seattle Seahawks in the sold-out Allianz Arena. Catering was provided by DO & CO to over 70,000 viewers, including 6,800 VIP guests, at the seven-hour event at the stadium. Furthermore, to cover the high demand outside of the stadium, 16 food trucks were positioned there. Moreover, DO & CO provided catering at several major concerts in Munich Olympic Park. These included, among others, shows by "The Rolling Stones", "Guns n' Roses" and "Ed Sheeran" with up to 70,000 guests each. The two-day music festival "Superbloom" with 100,000 guests and the 11-day European Championships with 1.47m guests also took place. The Olympic Hall was the venue for a further 70 concerts. Artists such as "Michael Bublé", the "Backstreet Boys" and "Eros Ramazotti" attracted over 440,000 viewers to the Olympic Park.

DO & CO strategy

• Strengthening our core competence as a premium caterer
• Pushing our position as a "general contractor for gourmet entertainment" with "readymade" creative solutions
• Enhancing the premium event brand established by DO & CO

Competitive edge of DO & CO

• "One stop partner" supplier of one-stop solutions
• Unique premium product distinct and unequalled
• Highly committed and dedicated employees a unique corporate culture
• Maximum reliability, flexibility and a strong focus on quality have turned DO & CO into a "no headache" partner that is always ready to serve its customers
• An international and dynamic leadership team that is experienced in the premium segment

4.9. Restaurants, Lounges & Hotels

Restaurants, Lounges & Hotels				Business Year
		2022/2023	2021/2022	Change	Change in %	2022/2023 excl. IAS 29
Revenue	m€	131.43	69.34	62.09	89.5 %	124.21
EBITDA	m€	9.21	6.85	2.36	34.4 %	8.56
Depreciation/amortisation	m€	-8.23	-7.57	-0.66	-8.7 %	-7.80
Effects from Impairment tests	m€	0.00	-0.01	0.01	100.0 %	0.00
Impairment	m€	0.00	-0.01	0.01	100.0 %	0.00
EBIT	m€	0.98	-0.73	1.71	233.7 %	0.76
EBITDA margin	%	7.0 %	9.9 %			6.9 %
EBIT margin	%	0.7 %	-1.1 %			0.6 %
Share of Group Revenue	%	9.3 %	9.8 %			9.1 %

The Restaurants, Lounges & Hotels division is the heart of the DO & CO Group, serving as the springboard for the DO & CO Group's innovation activities. In addition, the activities in this division are not only branding and image carriers for the Group, but above all deliver innovative ideas for menus and service processes for the Airline Catering division and partially also for the International Event Catering division. The division is made up of the units Restaurants and Demel Café, Lounges, Hotels, Employee Restaurants, Retail and Airport Dining.

In the business year 2022/2023, the Restaurants, Lounges & Hotels division accounted for revenue of € 131.43m (PY: € 69.34m). This represents an increase in revenue of € 62.09m or 89.5%. EBITDA is € 9.21m (PY: € 6.85m). The EBITDA margin is 7.0% (PY: 9.9%). EBIT stands at € 0.98m and thus is above the prior-year figure of (PY: € -0.73m). The EBIT margin was 0.7% (PY: -1.1%).

Revenue also significantly increased in this division as compared to the previous year. After years of restrictions due to COVID-19, gradually returning to normality also led to the recovery of international tourism. Due to pent-up demand of travellers, not only tourism experienced strong growth, but also the food service industry profited from this upswing. The Restaurants, Lounges & Hotels division therefore reported a positive trend regarding demand and utilisation.

Impairments were set up in this division for COVID-19 subsidies not yet paid out, since the payment is uncertain due to the change in the interpretation of the term "company group".

The DO & CO boutique hotel in Munich, which has one of the best locations in the immediate vicinity of Marienplatz in the same building as FC Bayern World, had excellent occupancy rates. It is particularly gratifying that the hotel won two awards ("Top 10 Design Hotels 2023/2024" and "Germany's 101 best hotels"). In addition, DO & CO operates two restaurants at the same location, one offering Asian and international cuisine, the other Mediterranean specialities.

For the renowned Demel brand, which has been part of the DO & CO portfolio since 2002, a new website and a new e-commerce offer were launched in autumn. Also, for the first time since the pandemic the entire business premises were opened again for visitors in the business year 2022/2023, generating an additional increase in revenue.

Airport Dining profited in particular from increased travel activities and reported a corresponding increase in revenue in lounges as well as restaurants and shops operated by DO & CO at Vienna Airport. At Vienna Airport DO & CO added Viennese coffee specialities as well as international delicacies to the already existing catering services by opening additional restaurants in the business year 2022/2023. Since the partnership with Vienna Airport has existed for more than ten years, it is of particular importance to us to continue to foster this partnership in the future. The lounges operated by DO & CO across the world likewise enjoyed an increase in demand. With an increase of approximately 84% compared to the previous year, 4.7 million passengers enjoyed culinary services.

DO & CO Strategy

• Creative core of the DO & CO Group
• Marketing tool and image projector of the Group and brand development
• Direct sale to customers guarantees the highest quality and serves as indicator for customer satisfaction

Competitive edge of DO & CO

• Pioneer in product innovation and take-up of international trends
• Strong brand that guarantees supreme quality
• Wide spectrum within the division: lounges, retail, airport gastronomy, restaurants and Demel café, hotels and staff restaurants
• Unique locations: Stephansplatz, Kohlmarkt, Albertina, Michaelerplatz in Vienna as well as Marienplatz in Munich

4.10. Share / Investor Relations / Information Pursuant to Section 243a UGB

Stock Market Overview

During the reporting period, the overall European stock index EuroStoxx 50 increased by 11.2%. The US stock index Dow Jones Industrial reported a decrease of 4.0%. The DAX however, increased by 8.4% in the reporting period.

The Vienna Stock Exchange index ATX fell by 3.1% from 3,311.05 points on 31 March 2022 to 3,209.44 points on 31 March 2023.

By contrast, the Istanbul Stock Exchange reported a strong upward trend in the reporting period. The Turkish BIST 100 rose by 115.5% during the reporting period, closing at 481,293.00 points on 31 March 2023.

DO & CO share

On the Vienna Stock Exchange, DO & CO's share rose by 40.8% in the business year 2022/2023, reporting a closing rate of € 107.60 on 31 March 2023.

On the Istanbul Stock Exchange, the DO & CO share also rose significantly by 76.6%, closing at TRY 2,225.30 on 31 March 2023.

The rise in share prices on both the Vienna and Istanbul stock exchanges is due to organic growth of the Company and the ongoing recovery from the impact of the COVID-19 pandemic.

Dividend

For the first time since the outbreak of the COVID-19 pandemic, the Management Board again decided to propose to the General Meeting of Shareholders on 20 July 2023 to distribute a dividend in the amount of € 1.00.

Trading volumes

On the Vienna Stock Exchange, an average of € 1,346k in DO & CO shares was traded daily during the business year 2022/2023. On the Istanbul Stock Exchange, an average of € 1,591k in DO & CO shares was traded daily during the business year 2022/2023. The trading volume at the Istanbul Stock Exchange was thus significantly above that in Vienna. Together, the two stock exchanges traded € 2,937k or 34,825 shares as a daily average. The daily trading volume thus decreased in the same period of the previous year.

	Vienna Stock Exchange Business Year		Istanbul Stock Exchange		Total
				Business Year	Business Year
	2022/2023	2021/2022	2022/2023	2021/2022	2022/2023	2021/2022
Volume in shares*	15,646	20,637	19,179	32,056	34,825	52,692
Turnover in k€*	1,346	1,565	1,591	2,414	2,937	3,979

* daily average traded volume of the DO & CO shares

Daily average traded volume *

*Volume in shares

Key figures per share

		Business Year	Business Year
		2022/2023	2021/2022
High1	€	111.00	94.00
Low1	€	67.70	64.90
Share price at the end of the period1	€	107.60	76.40
Number of shares at the end of the period	TPie	9,950	9,744
Market capitalisation at the end of the period	m€	1,070.61	744.44

1… Closing rate

Shareholder structure of DO & CO Aktiengesellschaft

As of 31 March 2023, 67.62% of the shares are in free float. The remaining share is held by the private foundation Attila Dogudan Privatstiftung (32.38%). The share of Attila Dogudan Privatstiftung includes a stake of 1.56% provided for management and staff participation.

Information on the DO & CO shares

ISIN	AT0000818802
Reuters Code	DOCO.VI, DOCO.IS
Bloomberg Code	DOC AV, DOCO. TI
Indices	ATX, ATX Prime, BIST ALL
WKN	081880
Listed in	Vienna, Istanbul
Currency	EUR, TRY

Financial calendar

10.07.2023	Record date for the General Meeting of Shareholders for the business year 2022/2023
20.07.2023	General Meeting of Shareholders for the business year 2022/2023
10.08.2023	Results for the first quarter of 2023/2024
16.11.2023	Results for the first half year of 2023/2024
15.02.2024	Results for the first three quarters of 2023/2024

Investor Relations

In the business year 2022/2023, the management of DO & CO Aktiengesellschaft held talks with numerous institutional investors and financial analysts.

Analyses and reports involving DO & CO's share are currently published by five international institutions:

• Hauck & Aufhäuser
• Jefferies
• Kepler Cheuvreux
• Erste Bank
• HSBC

Analysts have an average price target of € 140.15 (status: 31 March 2023).

All published materials, the Corporate Governance Report and information on DO & CO's share are posted under "Investor Relations" on the DO & CO website at www.doco.com.

For more information please contact:

Investor Relations Email: investor.relations@doco.com

Disclosures pursuant to Section 243a Austrian Commercial Code (UGB)

• 1. At the reporting date 31 March 2023, the share capital amounted to € 19,899,744.00 and was divided into 9,949,872 no-par value bearer shares. On the day of preparation of the management report on 9 June 2023, the share capital amounts to € 20,529,764.00 and is divided into 10,264,882 no-par value bearer shares. (See item 7 for further information.) Only shares of this class are issued.
• 1. The Management Board is currently not aware of any limitations to the voting rights or to the transfer of DO & CO shares, even for those contained in agreements between shareholders.
• 1. At the reporting date, Attila Dogudan Privatstiftung held 32.38% of the Company's share capital. After the reporting date, Attila Dogudan Privatstiftung acquired further shares in the Company. On the day of preparation of the management report on 9 June 2023, Attila Dogudan Privatstiftung holds 32.12% of the Company's share capital. (See item 7 for further information.)
• 1. There are currently no shares endowed with special control rights.
• 1. DO & CO staff owning Company shares can exercise their voting rights directly at the General Meeting of Shareholders.
• 1. The Company has no provisions on appointing and dismissing members of the Management Board that are not derived directly from the pertinent law on this matter. A simple majority of the share capital represented in the vote of a resolution suffices to make a change in the Articles of Association (as opposed to the statutory majority of 75%), unless that change pertains to a conditional capital increase, authorised capital or an ordinary or simplified capital reduction. The Supervisory Board may amend the Articles of Association if it only relates to the version.
• 1. By decision of the Extraordinary General Meeting of Shareholders of 15 January 2021, with the approval of the Supervisory Board, and for a period of up to five years from 15 January 2021 pursuant to Section 174 Austrian Stock Corporation Act (AktG), the Management Board was authorised to also issue convertible bonds – with an aggregate principal amount of up to € 100,000,000.00 that are associated with subscription or conversion rights of up to 1,350,000 no-par value bearer shares in the Company – in multiple tranches. For servicing the subscription or conversion rights, the Management Board can make use of the conditional capital that was newly created in the Extraordinary General Meeting of Shareholders of 15 January 2021. The issue price and the issue conditions of the convertible bonds had to be defined by the Management Board, subject to approval by the Supervisory Board. The subscription right of the shareholders to the convertible bonds to be issued within the meaning of Section 174 (4) AktG was excluded. The Management Board made full use of this authorisation, and issued convertible bonds in the Company with an aggregate principal amount of € 100,000,000.00.

The share capital of the Company was conditionally increased pursuant to Section 159 (2) No. 1 AktG by up to € 2,700,000.00 through the issuance of up to 1,350,000 new no-par value bearer shares for issuing to creditors of convertible bonds as described in the resolution of the General Meeting of Shareholders dated 15 January 2021 ("Conditional capital 2021"). The capital increase may only be carried out to the extent that the creditors of convertible bonds exercise their warrant or conversion rights to Company shares. In the Company's business year ended on 31 March 2023, a total of 205,872 new no-par value shares of the Company from the conditional capital 2021 was issued to creditors of the convertible bonds, who exercised their subscription or conversion rights to Company shares. Due to the issuance of these 205,872 new no-par value shares, the total number of Company shares increased from 9,744,000 no-par value shares to 9,949,872 no-par value shares, and the Company's share capital increased from € 19,488,000.00 to € 19,899,744.00. In the period between the reporting date (31 March 2023) and the day of preparation of the management report on 7 June 2023, a total of 315,010 further new no-par value shares of the Company from the conditional capital 2021 was issued to creditors of the convertible bonds, who exercised their subscription or conversion rights to Company shares. Due to the issuance of these further 315,010 new no-par value shares, the total number of Company shares increased from 9,949,872 no-par value shares to 10,264,882 no-par value shares, and the Company's share capital increased from € 19,899,744.00 to € 20,529,764.00.

For a duration of five years as of 1 August 2018, the Management Board is authorised

a) in accordance with Section 169 AktG, subject to approval of the Supervisory Board, to increase the share capital by up to a further € 2,000,000.00 through the issuance of up to 1,000,000 new no-par value bearer shares in exchange for a cash or non-cash contribution – in several tranches if need be – and to define the issue price, the issue conditions and the further details of carrying out the capital increase, in each case subject to approval by the Supervisory Board,

b) subject to exclusion of the subscription right pursuant to lit. c), to offer the new shares to the shareholders, if need be, through indirect subscription rights as defined in Section 153 (6) AktG,

c) subject to approval of the Supervisory Board, to exclude the shareholders' subscription right, (i) if the capital increase is made in exchange for non-cash contributions for the purpose of acquiring companies, operations, parts of companies or operations, or shares in one or multiple companies in Austria or abroad, or (ii) in order to exclude residual amounts from the subscription right of the shareholders, or (iii) in order to satisfy an over-allotment option granted to the issuing banks.

For a duration of five years as of 27 August 2020, the Management Board is authorised a) in accordance with Section 169 AktG, subject to approval of the Supervisory Board, to increase the share capital by up to a further € 1,948,800.00 through the issuance of up to 974,400 new no-par value bearer shares in exchange for a cash or non-cash contribution – in several tranches if need be – and to define the issue price, the issue conditions and the further details of carrying out the capital increase, in each case subject to approval by the Supervisory Board,

b) subject to exclusion of the subscription right pursuant to lit. c), to offer the new shares to the shareholders, if need be, through indirect subscription rights as defined in Section 153 (6) AktG,

c) subject to approval of the Supervisory Board, to exclude the shareholders' subscription right, (i) if the capital increase is made in exchange for a cash contribution in one or several tranches and the new shares are offered to one or several institutional investors in the course of a private placement and the shares issued under exclusion of the subscription right do not, in total, exceed 10% (ten per cent) of the share capital of the Company recorded in the Austrian Company Register at the time of this amendment to the Articles of Association, or (ii) if the capital increase is made in exchange for noncash contributions for the purpose of acquiring companies, operations, parts of companies or operations, or shares in one or multiple companies in Austria or abroad, or (iii) in order to exclude residual amounts from the subscription right of the shareholders, or (iv) in order to satisfy an over-allotment option granted to the issuing banks.

1. Agreements have been made with clients of the DO & CO Group that entitle them to cancel the contractual relationship in full or in part if there is a change of control in the Company. These agreements are not further specified here owing to the considerable damage this disclosure would do to the Company.

2. No agreements have been made between the Company and the members of its Management or Supervisory Boards or its employees regarding any compensation in the event of a public takeover bid.

5. Outlook

DO & CO emerges from the COVID-19 pandemic stronger than ever. Even though the Company still faces a challenging market environment due to higher prices for raw materials and energy as well as inflation in general, and in particular ongoing hyperinflation in Türkiye, the previous business year has clearly shown that DO & CO still offers a very competitive product portfolio.

Continuously strong demand in all divisions is, among other things, due to the increased focus of customers on high-quality and preferably regionally sourced ingredients which are freshly prepared on site. Trends like these increase the extensive demand for high-quality products, thus confirming the validity of DO & CO's business model. Besides ongoing expansion of the customer portfolio and strong loyalty of regular customers, expansion into new markets is also driving the continuing growth of the DO & CO Group.

Due to strategic investments as well as passionate employees exceptionally committed to service, DO & CO is well prepared for further growth. To maintain high quality with this in mind, a training centre is being established in the Group's headquarters in Vienna, where employees from around the world will be able to make use of facilities for further training.

This is why DO & CO expects another significant increase in revenue as well as improvements of the result for the business year 2023/2024 despite the economic conditions. Management is confident that DO & CO will be able to continue its successful path of recent years.

The following events should be particularly highlighted:

Aviation is approaching pre-crisis levels

Aviation, which has been affected by the impact of the pandemic for a longer period of time than other industries, is expected to approach pre-crisis levels in the business year 2023/2024. Thus, the Airline Catering division expects to see an increase in demand. The Company expects an increase in revenue not only through more destinations and increased frequencies by existing customers, but also by acquiring new customers. Moreover, airlines are increasingly seeing service quality in premium classes as a special distinguishing feature.

Qantas Airways DO & CO customer for the first time

Winning all flights of Qantas Airways ex New York expands the customer portfolio by a further premium airline. As of spring 2023, DO & CO is catering for the first time on Quantas' longhaul flights ex New York-JFK.

In order to further drive growth in the US, DO & CO is currently bidding in several large tenders and actively approaching potential customers.

Delta Air Lines in Miami

At the beginning of the business year 2023/2024, the Company was delighted to acquire the first customer for the new location in Miami, the sixth location in the US: DO & CO will cater for all Delta Air Lines flights ex Miami, since the opening of the gourmet kitchen and the equipment storage facility are imminent.

Comeback of Flying Chefs and a new catering concept for Austrian Airlines

Following the pandemic, airlines are once again improving the service in premium classes. In this respect it is especially pleasing that the popular Flying Chefs, a trademark of DO & CO, will gradually return to all long-haul destinations of Austrian Airlines. The flying chefs have been providing for gourmet experiences above the clouds in the Business Class since April 2023. Additionally, together with Austrian Airlines, DO & CO designed a whole new catering experience, which will provide passengers of Austrian with culinary delights starting from summer 2023.

Encouraging start to the 2023 Formula 1 season with favourable guest numbers

The 32nd Formula 1 season began for DO & CO already in late February and early March 2023 with test runs in Bahrain. As the long-standing partner of Formula 1 in the Paddock Club, DO & CO will once again provide exceptional gourmet entertainment at 21 races in 18 countries. The Formula 1 season promises to be spectacular this year, since for the first time a Grand Prix in Miami and Las Vegas is scheduled in the racing calendar. With the Grand Prix in Las Vegas, Formula 1 is returning to the "City of Entertainment" for the first time in over 40 years. On Saturday night of Thanksgiving weekend, what is expected to be the largest racing event in the world will take place in the vibrant centre of the city. On this especially exclusive weekend, DO & CO will be responsible for catering for the Paddock Club guests. Here the Company will have the opportunity to introduce its high product quality and top personal service to a large number of local and international guests in the US market, and to drive its event business in North and South America. The races that already took place showed excellent guest numbers, giving rise to expectations of a well-attended F1 season.

High demand particularly for major events

Loyal regular customers as well as a large number of new customers justify hopes for operation at full capacity during the event season 2023/2024. Preparations for numerous events are already in full swing. In addition to the annual highlights of the event season such as the ATP tennis tournaments in Madrid and Vienna, the Champions League final in Istanbul, the beach volleyball European Championships or the Hahnenkamm ski race in Kitzbühel, DO & CO will also cater for the reception of the Bavarian State Parliament, among other things. Besides the new season of Bayern Munich in the Allianz Arena, the concerts in the Olympic Park are special highlights in the 2023/24 event calendar as well. Artists such as "Harry Styles", "Pink", "Rammstein" and "Bruce Springsteen" are expected to draw a large number of viewers.

Restaurants, cafes, gourmet retail and airport dining

Since the end of the pandemic, demand in the field of the Restaurants, Lounges & Hotels division has increased steadily. As of autumn 2022, for the first time tourism in Vienna returned to pre-crisis levels, with international guests especially contributing to the thriving tourism sector. The Management Board expects the business year 2023/2024 to continue the previous years' trend and therefore expects excellent utilisation rates in hotels and restaurants.

6. Risk and Opportunity Management

DO & CO is exposed to widely varying risks because it conducts business globally in three different divisions: Airline Catering, International Event Catering and Restaurants, Lounges & Hotels. Yet this diversification also opens up many opportunities for a positive development of the Company.

While DO & CO cannot predict specific risks or their occurrence, it can still look ahead and prepare for a constantly changing business environment, which will be impacted by climate change, technological disruptions, changing regulations, geopolitical risks, financial threats in our supply chain and cybercrime.

In relation to emerging opportunities, the following points highlight approaches to support the Group's positive development.

Since the market position is growing stronger in all three divisions, DO & CO perceives a broad range of opportunities for growth.

The acquisition of additional customers is regarded as an opportunity. Broadening the products and services provided to existing customers is also seen as an opportunity for DO & CO, whether it is by supplying a more extensive portfolio of products and services at existing locations or by providing products and services at new locations.

One of DO & CO's core values is continuous improvement and innovation with the aim of broadening the horizon of the gourmet experience for customers.

Opportunities also arise from innovative products and services with a view to promoting the Company's positive development.

DO & CO views risk management as a crucial instrument for managing the Company. These efforts ensure the continued existence of the business while creating opportunities to improve the Company's assets, financial and earnings position by enhancing future potential for growth and profits. With its risk management, the Company responds to any changes in circumstances and to any resulting opportunities and risks.

Do & CO manages risk management through a disciplined and continuous process of risk identification, assessment, control and mitigation through regular cooperation with the Management Board to ensure that business cycles and market changes are reasonably taken into account, because risk management offers a foundation for informed decision-making to companies.

Along with business planning, organisation, cost controls and budgeting, risk management guarantees that DO & CO is aware of possible or expected events and prepared to face these events, by taking a proactive approach to risk management.

The applied risk and opportunity management system is based on standardised, group-wide planning and control processes laid down in the risk and opportunity policy and on intercompany guidelines and reporting systems that adhere to the principles of risk management and risk structures according to COSO (Committee of Sponsoring Organizations of the Treadway Commission).

DO & CO uses a risk management model and approach which assesses risks and opportunities from a company-wide and strategic perspective. DO & CO identifies, assesses, evaluates and mitigates the following business risks: Airline-specific risks, employees, hygiene, procurement, legal, finances, Environmental, Social and Governance (ESG), information technology and other.

Risk and opportunity management is considered a core management task and an integral part of all business processes. Therefore, the Group can quickly identify both risks and opportunities. Internal reporting is done on an ongoing basis, and all managers and decisionmakers are involved in risk management.

Identified risks and opportunities are grouped into risk and opportunity categories and assigned to the managers responsible for the given area. Strategies for coping with the identified risks and utilising the identified opportunities are then defined and subsequently pursued on site by local management.

In line with risk appetite, appropriate reactions are defined for each risk. This encompasses risk prevention, risk mitigation through specific appropriate measures and plans or risk acceptance.

Diversification plays a significant role in this process. The Group conducts business in 12 countries worldwide in three divisions, thus alleviating the overall potential impact of specific threats in individual markets. In other words, the very business model of DO & CO itself provides additional mechanisms to compensate for risks.

Further expansion and diversification of DO & CO regarding the customer portfolio and markets helps reduce the concentration risk.

Risk management activities are supported by a multitude of regulations and activities, including those of the Central Administration, Controlling, Legal Compliance and Internal Auditing departments.

The close cooperation with insurers ensures that proper coverage is provided for those risks that are insurable.

In particular, the following risk categories were identified as material for the business year 2022/2023:

War in Ukraine

DO & CO is still feeling the effects of the war in Ukraine. This concerns not only the airline catering location in Kyjiv with currently 17 full-time equivalents employed, but also broader effects on the financial and energy markets and the supply chain. With regard to continuing geopolitical insecurity, it is crucial that DO & CO monitors and manages the related risks and opportunities in cooperation with the management team in Ukraine.

As revenue generated in Ukraine only makes up less than 1.0% of the Group's overall revenue, the almost complete shut-down does not have any great negative impact at Group level. DO & CO is expecting that no more impairments of assets will be necessary after the writedown in the business year 2021/2022.

Procurement risks

By processing food, DO & CO is exposed to some risk in procuring the requisite raw materials. Climate events, logistical issues, and other events, such as epidemic or pandemic threats or political unrest may lead to disruption in the supply chain and restrictions in the supply of such raw materials. Supply chain disruption, shortage of raw materials as well as inflation may also result in price increases of raw materials which cannot always be passed on to customers in full. These negative effects can, however, be partially cushioned through previously agreed fixed price contracts.

The continuing and accelerating price inflation in the business year 2022/2023, which was further boosted by an unprecedented increase in energy prices, had a particularly great impact on procurement of raw materials such as drinks, fruits and vegetables. In 2022, food prices reached the highest level since 1990 as measured by the FAO's (Food and Agriculture Organization) Food Price Index.

Through long-term delivery contracts, supplier diversification and permanent monitoring of the markets, DO & CO seeks to make sure that the raw materials required by it are always available at the highest possible quality standards and at competitive prices.

Türkiye, in particular, reports a significant increase in the inflation rate. At 109.4%, the threshold of 100% over a three-year period was exceeded on 30 April 2022. Based on this development, Türkiye is to be classified as a hyperinflationary country, which in turn impacts the Group's assets and liabilities, financial situation and results of operations (for further information, please see the financial report). For further details, please refer to the corresponding explanations in the notes to the consolidated financial statements under Section 3. Financial reporting in hyperinflationary economies.

Liquidity risks

Currently existing liquidity needs can be covered using available funds and credit facilities granted by the banks.

In the fourth quarter of the business year 2019/2020, DO & CO raised additional liquidity by means of unsecured loans in the amount of € 300m. Financial covenants are annually tested based on the assessed net debt to EBITDA ratio for the respective business year. If the net debt to EBITDA ratio is higher or equal to 5.5, there is a risk that the three Austrian banks will declare the loans due, thus withdrawing liquidity from the Group. Based on the Company's planning, management is convinced that the covenants relevant for bank financing can be met.

Close cooperation between our business units, controlling and our treasury team ensures that the impact on liquidity is understood, quantified and managed in a timely and appropriate manner.

Interest risks

DO & CO's financial portfolio contains fixed-interest as well as variable-interest liabilities. Fixed-interest liabilities carry the risk of negative adjustments of market values caused by a decrease in interest rate levels. Variable-interest liabilities carry the risk of a negative impact on cash flow and liquidity portfolio outflows, caused by an increase in interest rate levels. For the most part, DO & CO uses fixed-rate financing or switched from variable interest to fixed interest by using derivative instruments. For detailed information, please refer to the respective disclosures in the notes to the consolidated financial statements under Section 9.3. Hedge accounting.

In view of the high amount of cash and cash equivalents, the latest interest rate developments have had positive effects on the interest result. However, these positive interest rate developments are often only passed on to customers with a delay. To avoid this, the DO & CO Group is actively managing its liquidity within the banking landscape by taking into account the counterparty risk in order to achieve better interest income through fixed-term deposits in the short and medium term.

Foreign currency risks

As a result of the international nature of its business, DO & CO generates a large part of its revenue in foreign currencies. In the reporting year, DO & CO generated a significant part of its revenue in foreign currencies, mainly in TRY, USD and GBP.

Due to billing being carried out in local currency, with expenses also being incurred in the same currency and maturity, DO & CO's margin is secured by a natural hedge. Exchange rate fluctuations can only impact the Group revenue and net result in absolute terms.

The Group also takes care to exclude additional risks to the greatest possible extent by entering into appropriate contractual agreements with customers and suppliers.

If required, DO & CO uses derivative financial instruments to manage currency risks. At the reporting date, the Company does not hold any derivatives to hedge foreign currency risks in its portfolio.

In the course of the business year 2022/2023, in particular, a significant decline of the Turkish lira against the euro was reported. While the Turkish lira still reported an exchange rate against the euro of 16.28 EUR/TRY at the beginning of the business year 2022/2023, it only amounted to 20.86 EUR/TRY at the end of March 2023, thus having fallen by 28%. Since the main portion of costs is incurred in the local currency and billing is also performed in Turkish lira, the margins remain largely unaffected by this development. Since 1 April 2022, Türkiye has been classified as a hyperinflationary country according to IAS 29.

Default risks

The customer default risk in the Airline Catering division is shrinking to an acceptable residual risk as a result of the gradual return of customer demand, capacity and cash flow.

DO & CO has not taken out any credit insurance due to the high quality of its customer portfolio.

DO & CO is keeping the risk of default as low as possible through timely and active monitoring of the debtors' ledger.

The customers' credit risk is monitored in a timely manner by way of daily reporting of open items which enables a quick reaction to altered conditions by the Key Account Manager and the debtor teams.

Moreover, DO & CO tries to control the default risk of major customers through corresponding contractual arrangements and the provision of collaterals by customers.

Despite these arrangements, DO & CO remains exposed to the risk that customers' payment behaviour might be significantly impacted due to geopolitical, economic or industry-specific developments.

Further detailed information on foreign currency, liquidity, default and interest risks is provided in the notes (Section 5.6. Trade receivables and Section 9.3. Additional disclosures on financial instruments in the notes to the consolidated financial statements).

Personnel risks

DO & CO as a brand is aware of the importance of its employees and the risks related to not having the right employees in the right place at the right time. DO & CO is its people; it's the people who create the corporate culture and are a decisive factor for continuous success and growth as a leading company in our sector. DO & CO's future development depends on our capacity to attract talents more creatively than ever before and to enable employees to be their best selves through personal growth and personal development.

Insufficient recruitment, employment and retention of talent is an operative risk for the Company and a constant topic of discussion in all DO & CO companies. In the past twelve months, however, DO & CO has developed positively and set up special teams to support the transition to a preferred employer.

One of the DO & CO's goals in this transition phase was to ensure that the Company has a solid base when introducing new working methods and innovative approaches in recruitment. Implementing the Global Applicant Tracking System not only allowed DO & CO to rationalise recruiting processes, but also to ensure efficiency and attention to detail through centralising employer branding. The system has been implemented in Spain, Great Britain and Germany, and go-live is being prepared for Austria and the US.

In relation to the Applicant Tracking System, a lot of work went into developing sophisticated marketing materials. Using a programme capable of tracking the search activity of potential candidates will help DO & CO to keep vacancies visible and appealing and is in line with the current generation's increasing use of social media. Arousing the interest of potential employees remains an ongoing process which needs to be evaluated regularly to ensure it keeps pace with technological developments so that we can stand out from our competitors.

Following the COVID-19 pandemic, DO & CO is still faced with the challenge of a shortage of skilled workers for key areas, such as chefs, waiters/waitresses and drivers. With the aim of closing these gaps, the number of staff in the Learning & Development teams was increased, and structured learning programmes with a focus on up-skilling were developed for all levels of staff. Moreover, a new leadership programme for senior employees was implemented in the US and is to be implemented across the globe.

An important focus in our efforts to stay connected to the new generation is our relations with schools, universities and universities of applied sciences. DO & CO created an internship programme and a programme for sustainability-focused chefs which allows students of renowned institutions to experience the world of DO & CO through the training programmes they designed personally. Further developing this programme in all areas of the Company will help us to establish a strong base of young talents for the future.

The global economy has caused an increase in the cost of living, leading to a labour market defined by applicants' demands. For this reason, DO & CO has had to constantly evaluate and adapt its remuneration packages and fringe benefits to remain competitive and of interest on the local markets. DO & CO also improved its staff support services, offering for example firstaid courses for mental health, a system for salary advances and a staff support programme with 24-hour support, to name just a few.

At the same time, the introduction of DO & CO's new value system offers a platform for improving the employee involvement strategy, for newly defining the mission, vision and values as well as for optimising the employee experience.

At a time when the hospitality industry is suffering major losses in talent, DO & CO has to find creative solutions to keep its team committed and motivated while we keep growing after the pandemic.

DO & CO has identified Vienna as a global base and set up rotation schedules for all kitchen units across the globe so that employees can experience DO & CO's DNA. This enables all employees to visit events all year round and to get to know all Company divisions so that they can bring new working methods back to their units. Recently, DO & CO also expanded its apprenticeship programme by hosting internal career days, where employees can discover career paths at DO & CO and set up their own personal development plans.

In the event business, DO & CO was forced to adapt its staff recruitment approach due to COVID-19 by implementing a recruiting strategy allowing the Company to identify certain countries where it is advantageous to build relations with local schools and universities. By recruiting local teams, we were able to strengthen our event teams, which in turn resulted in greater organic integration of DO & CO as a business and in greater diversity.

All these elements work together to introduce DO & CO to a new audience, as the starting point for the exploration of new markets and countries where DO & CO has not been active so far. The best way of doing this was by taking part in top-level career fairs with the goal of attracting globally-oriented candidates who consider DO & CO a great opportunity to expand their career globally.

DO & CO's growth as a company depends on our employees, and we have committed ourselves to continuously evolving and finding new ways of reducing risks for our employees.

Risks and trends specific to the airline industry

The airline industry is heavily dependent on economic developments. Specific problems the aviation industry faces, such as for example changes in fuel prices or intensifications of existing legislation on noise, also have an impact both directly and indirectly on DO & CO's Airline Catering division.

The resilience and progressive recovery of the aviation industry during and after the COVID-19 pandemic, as demonstrated by the first return to profitability since the business year 2019/2020, is also reflected in the Airline Catering division. This is a remarkable achievement when taking into consideration the scope and the extent of the restrictions which governments and regulatory authorities took to combat the pandemic. Predictions of the growth prospects for the industry remain cautious because the global GDP growth is predicted to slow down in 2023 and 2024.

In the business year 2022/2023, airlines were confronted with rapidly increasing fuel costs, which account for the greatest part of operating costs, and which led to an increase in ticket prices and a stronger concentration on other operating costs.

With DO & CO achieving large parts of its revenue with only a handful of key customers, such as Turkish Airlines, British Airways, Iberia and Iberia Express, Delta Air Lines, Austrian Airlines, Emirates and Qatar Airways, the Group is therefore also exposed to a "cluster risk".

A combination of permanent monitoring of the security situation and constant contact between key account managers and clients makes it possible to respond swiftly to any changes. It is thus possible to act rapidly to counter any negative effects on the DO & CO Group.

Economic developments

DO & CO's business is strongly dependent on global economic trends because these trends have an enormous influence on tourism and consumers' leisure-time behaviour and thus on all three divisions.

Despite a slight decrease in inflationary pressure, households are still facing high interest rates and consumer inflation, while on a macroeconomic level, some national economies are in danger of sliding into a recession.

Such a slowing of the economy might affect demand for passenger services and therefore also the demand for airline catering.

In the other two divisions, Event Catering and Restaurants, Lounges & Hotels, almost all pandemic restrictions have been lifted, which led to good recovery in the number of guests over the business year.

As part of the continuing and growing partnership with Formula 1, DO & CO offered its exclusive and unique Paddock Club experience at all races of the 2022 season for which it was contracted. This will be continued in 2023, when Las Vegas is added to the 2023 race calendar.

Among the risks associated with further expansion and thus the revenue of DO & CO are the constant global threat of terrorism, political unrest, epidemics and pandemics as well as changes in the global political landscape, particularly the increase in protectionist economic policies, and the growing threat of military conflicts in certain regions of the world.

In 2022, recovery from the COVID-19 pandemic started, however, the outbreak of a war in Europe and further geopolitical tensions triggered a new set of crises in food, security and energy, which will continue into 2023 and beyond.

The impact on consumers is noticeable in the rising costs of living, leading to lower levels of available income.

To counter economic risks in its business segments, DO & CO is still diversifying its business internationally and operating in three different market segments. Prompt reporting of business results includes analysis and forecasts of current operating business in each reporting entity (the Group companies are divided into units comparable to profit centres for internal reporting purposes). These efforts ensure that capacity is adjusted immediately.

ESG risks

DO & CO welcomes the transformation which has occurred in the past years. Environmental, Social and Governance (ESG) factors are no longer considered merely ambitious concepts and investors' preferences, but have become a regulatory framework, an issue of compliance and commitment, and a core part of the corporate programme.

DO & CO is confronted with a number of ESG risks requiring diligent management. Dependency on products sensitive to droughts, like tomatoes and olive oil, as well as animal feed, which influences meat prices, pose two significant environmental risks for DO & CO. To mitigate these risks, DO & CO cooperates with a multitude of suppliers and has started implementing a supplier selection process focusing on the suppliers' climate resilience. The increase in energy prices also poses a challenge to the Company. DO & CO is striving to reduce its dependency on fossil fuels, for example by using renewable energy and further electrifying our fleet in order to effectively counter this risk.

Concerning social risks, staff turnover is one of DO & CO's primary concerns. In order to deal with this problem, the Company is implementing an approach for evaluation of employee satisfaction and performs structured exit interviews in order to gain a greater understanding and to improve employee retention strategies.

One general management risk originates from an increased need for internal expert knowledge and staff for ESG reporting in view of the new EU taxonomy and ESRS regulations. DO & CO is currently controlling this risk by creating an internal ESG team and by working with consulting companies for external support.

DO & CO generally recognizes the importance of a strong ESG performance because it directly impacts the Company's business relations with customers and investors.

Bad agency ESG ratings might lead to limited access to capital and to reputational risks. In response to this, DO & CO discloses its ESG performance in an annual sustainability report and strives for greater transparency. This year, DO & CO expanded the evaluation approaches of our ESG performance. Thus, DO & CO is now measuring the emissions in the categories Scope 1, 2 and 3 up to business unit level.

Looking ahead, DO & CO is taking proactive steps to improve our ESG risk management, including setting up a central sustainability team for monitoring ESG risks.

Legal risks

With its ongoing expansion and its global scope of business, DO & CO has to abide by a myriad of legal requirements at national and international level, especially in relation to food law, hygiene, waste management, human resources, data protection, taxes and levies, financial market law, compliance – as well as special guidelines and regulations issued by various airlines. The Company uses the corresponding governance processes to ensure compliance with all requirements and identify and counter any risks in a timely manner. The Company needs to respond rapidly to any changes in legal norms and to integrate them in its business processes. Thus, the centrally organised legal department monitors legal developments and innovations in cooperation with external consultants.

Non-compliance of DO & CO with legal regulations and contractual agreements may give rise to administrative penalties and claims for damages that could put a heavy burden on the Group. Moreover, DO & CO is exposed to the risk of economically motivated non-compliance with contractual obligations or amendments to contractual obligations that are unilaterally forced by customers. These risks are countered by means of a centrally organised legal department, an orderly contract management and periodic evaluation of contracts.

Specific insurance policies are taken out throughout the Group as the main means of minimising liability risks from damage that has proven unpreventable despite damage avoidance efforts.

Cyber and IT risks

DO & CO increasingly relies on information technology to effectively perform marketing, business, financial and business support processes. An interruption of IT systems and processes therefore involves the risk of major effects on critical DO & CO business processes.

The migration of the central IT environment to the cloud has significantly reduced the likelihood and the consequences of a disruption of infrastructure resulting from device and component failure, because it offers a resilient and recoverable platform for IT operations.

DO & CO is improving the safeguarding against failure and the fault tolerance of the network infrastructure connecting the offices, units and mobile teams. Further work is in progress to modernise user platforms. Internal and external experts were engaged to manage transformation processes focusing on improving the resilience of the IT environment, and system administrators are taking part in training courses necessary to ensure that they possess the skills required to keep the environment in top condition.

The IT systems supporting DO & CO are also potentially vulnerable to cybercriminal activities which, if successful, might undermine and threaten confidentiality, integrity and availability of IT systems and data. Among the potential impacts of cyber incidents on business are business interruptions, data loss, contractual penalties, reputational damage, fines and legal liability.

Furthermore, DO & CO is bound by EU and international regulatory requirements relating to data protection and cybersecurity. Non-compliance might result in administrative fines or the inability to provide services in the aviation industry.

DO & CO has implemented numerous primary cybersecurity measures to reduce the likelihood and consequences of cyber risks, and it has launched a cybersecurity programme aiming at further prioritising management of cyber risks and at building a culture of cyber awareness at all levels within the organisation.

The evaluation of IT and cyber risks is ongoing, so that appropriate measures can be taken for risk management.

Risks pertaining to epidemic and pandemic diseases

The COVID-19 pandemic and earlier regional outbreaks have shown how vulnerable the aviation, hospitality and tourism industry are to health crises and resulting measures and restrictions for consumers, travellers and employees. The long-term recovery of these markets is only now slowly gaining momentum.

It is to be expected that there will be other pandemics after COVID-19, and although DO & CO cannot actively influence this risk of epidemics, it was crucial to draw lessons from the COVID-19 slump and to refine plans on how to react to future health emergencies and how to recover from them.

On an ongoing basis, DO & CO assesses information of the World Health Organisation (WHO), the German Robert Koch Institute and various national health authorities to early identify epidemic or pandemic threats and implement appropriate measures in the best possible way. The corresponding specialist departments in the individual countries regularly exchange information with national authorities working to identify, prevent the spread of, and contain epidemic or pandemic threats.

All employees are working according to the highest standards of personal and workplace hygiene, which are enforced by clear guidelines, training courses and audits.

Employees are provided with extensive information, people particularly at risk receive personal protective equipment, and all employees working in the operating business are subject to mandatory periodic health checks. Applicable regulations issued by public health authorities aiming at preventing the spread of epidemic and pandemic threats are put into practice rigorously by the local companies in coordination with the relevant authorities.

Reputation risks

Anything that might harm the DO & CO brand and its reputation is combated by a rule book that sets out a uniform standard for identifying, assessing and controlling such risks. Each and every staff member is personally charged with guarding the reputation of DO & CO. The overall responsibility for identifying, assessing, controlling, monitoring and reporting hazards rests with the national and international management units. If a potential risk to the Company's reputation is discovered, this triggers a centrally controlled risk management process which includes all activities required to ward off any harm to the Company's image and possible losses for DO & CO.

Hygiene risks

DO & CO operates according to the highest national and international food and hygiene standards at all locations.

DO & CO has special hygiene teams at all our production units that conduct a zero-tolerance programme for food and hygiene and rigorous sample collecting and tests.

To ensure that the food DO & CO produces complies with its high hygienic standards, DO & CO carried out risk analyses in all business areas as part of the ongoing development of its HACCP (Hazard Analysis and Critical Control Points) system. Based on these analyses it has implemented group-wide hygienic guidelines to control and minimise risks. An internationally active quality control team constantly monitors the effectiveness of these actions and further develops them in accordance with the latest international findings.

Loss risks

The risk of losses from fire, storms, flooding or earthquakes is countered by safety and disaster policies and emergency plans which are practiced and adapted on a regular basis. Such risks are covered by appropriate insurance coverage.

Risks of production facility failure

In order to minimise the risk that critical production facilities (large-scale kitchens, cold storage units) might fail, DO & CO regularly makes targeted large-scale investments to technically optimise essential equipment. Stringent preventive maintenance, risk-focused spare-parts stocking and in-depth staff training are among the arsenal of key measures to reduce the risk of production facility failure.

Strict hygiene measures, pro-actively providing employees with information, the provision of personal protective equipment and mandatory periodic health checks minimise the risk of absence due to epidemics or pandemics as well as the corresponding temporary closures.

Acquisition and integration of business units

It remains one of DO & CO's Group aims to grow not just organically but also inorganically through the acquisition of companies fitting in with our strategic portfolio and our ambitions. To this aim, DO & CO has been buying businesses on an ongoing basis and integrating them into the DO & CO Group. Such a process involves numerous challenges that require efforts to achieve the intended goals and avoid post-merger integration pitfalls.

The professional and profitable integration of new business units into the Group will be a major challenge for the continued success of DO & CO.

Shared values and a strong corporate culture help new employees to familiarise themselves with the high quality standards of products and personal service, and help to anchor those standards permanently. Successfully accomplished business integrations provide a basis for successful projects in the future.

Risks pertaining to terrorism and political unrest

Political unrest and instability, terrorist attacks and terrorist threats result in increased security risks in the divisions and countries in which DO & CO operates. The field of aviation is directly affected by these risks due to restrictions and changes in flight operations as well as indirectly due to changes in travel behaviour.

Moreover, the field of major events is also affected by potential short-notice cancellations or postponements due to political changes or specific terror alerts.

To prevent impacts on the Company's financial structure, DO & CO uses active monitoring to carry out advance assessment of developments in the regions where DO & CO operates, and set up preventive scenarios to combat possible problems. Necessary security measures are developed depending on the probability and impact of loss-causing events.

In creating in-depth security analyses for the Company and its customers, DO & CO makes use of information made available by national and international security agencies.

Next to performing a constant evaluation of risks for the Company, DO & CO accords great importance to ensuring the safety of its staff members who are promptly informed of the relevant security situation before being posted and while they stay abroad.

Risks pertaining to natural disasters

Risks may appear out of the blue, as events in the past have demonstrated time and again. Such events cannot be influenced and may completely or partially interrupt air traffic in an entire region.

The specific risk of long-term closing of large parts of the air space and attendant large-scale cancellation of flights by the Group's partners is monitored through our close cooperation with airlines, aeronautical authorities (EASA) and the international air weather service.

Overall assessment of the opportunity and risk situation

In the business year 2022/2023, DO & CO took the first tentative steps towards recovery from the COVID-19 pandemic. Thanks to management's prudent measures and the commitment of all employees across the globe during the pandemic, the Company proves to be a resilient, newly structured company equipped for the future and ready to take the next step on its journey of growth.

Risks and challenges continue to face the Company, particularly regarding inflationary pressure on supply chains, maintaining the highest safety and hygiene standards in production, and the people working in this context.

Recruitment, engagement, retention and development of employees at all levels is one decisive success factor for sustained growth. Labour markets at all locations are still very challenging and DO & CO is competitive with a strong employee brand and leading employee experience.

Residual financial risks such as foreign exchange risks, liquidity risks, default and interest risk remain in spite of a strong culture of financial risk management and an appropriate framework.

Despite the highest security measures, the increase in cyberattacks and the development of related procedures is leading to an increase in IT risks which need to be countered appropriately.

In general, the Management Board is convinced that the opportunity and risk management system continues to be effective. It continues to strive for a healthy balance of opportunities and risks.

The Management Board does not consider the Company's going concern to be at risk.

7. Internal Control System

The Management Board meets its responsibility for implementing an internal control system and risk management system, for the accounting process and for legal compliance.

The internal control system (ICS) for the accounting process ensures the completeness, timeliness and reliability of financial information as well as data processing and reporting systems.

DO & CO has an internal control system in place, which encompasses the guidelines, processes, tasks, controls, revisions and behaviours and other aspects of the organisation and of Management.

An effective internal control system helps DO & CO in designing and maintaining effective front and back office procedures by enabling the company to identify, evaluate and appropriately react to commercial, operative, IT, financial, compliance and other risks that could threaten the achievement of company goals.

As part of the financial and control functions, the internal control system guarantees the quality, timeliness and accuracy of internal and external reporting by ensuring completeness and accuracy in creating and maintaining records and in account management as well as in processing of financial information.

The ICS also ensures adherence to all applicable laws and regulations as well as DO & CO guidelines.

DO & CO maintains and strengthens the ICS to ensure effective and improved internal control with regard to accounting and to guarantee that the financial statements conform to the requirements.

Furthermore, the ICS undergoes constant optimisation to enhance the efficiency and effectiveness of the most important processes and to ensure compliance with all (legal and other) requirements.

The responsibilities for the internal control system are adapted to the organisational structure of the Company on an ongoing basis to ensure the control environment is satisfactory and meets the requirements. The central functions Group Accounting and Group Controlling are responsible for drawing up uniform Group guidelines and for organising and monitoring financial reporting in the Group.

Compliance with the procedures for recording, posting account entries and settlement of business transactions is regularly monitored through appropriate organisational measures and objective assessment by the internal audit department, which provides an independent opinion on the completeness and effectiveness of internal controls within the organisation to the Board of Directors.

All monitoring actions are applied to all stages of the ongoing transaction process. Monitoring may include Management reviewing the results for various periods, targeted reconciliation of accounts and analysing ongoing accounting processes. Departments connected with the accounting process are given suitable qualitative and quantitative resources.

The data processing systems are subject to targeted adjustment and optimisation on an ongoing basis. Close attention is paid to IT security in this context. With respect to the financial systems used, pertinent authorisation arrangements are employed to guard access to corporate data. Restrictive authorisation of this kind allows sensitive activities to be isolated.

The internal control system for data and IT systems is integrated into DO & CO's main ICS and is based on standards and best practices, such as IT governance controls as defined in the COBIT framework, and it is subject to independent assessment as to its effectiveness by the internal audit department.

Appropriate staffing with the right competencies, the use of suitable software and clear regulatory requirements are the cornerstone of a proper, uniform and consistent accounting process.

Comprehensive financial reports are given regularly and promptly to the Supervisory Board and Management Board and to middle management.

The Group accounting department is the central contact for all accounting issues at the level of individual companies as well as at Group level. It is also responsible for the preparation of the consolidated financial statements by using an accepted consolidation software. Transferring the separate financial statements into the system and preparing the consolidated financial statements including the disclosures in the notes is supported by numerous controls to ensure the completeness and accuracy of the data. A Group accounting manual, which states the accounting and measurement principles used by DO & CO and which is regularly updated, ensures standardised processing, accounting and measurement of business transactions while reducing the risk of variations in the procedures within the Group. Ongoing staff training ensures that the accounts are kept in line with current law. When presenting complex information, DO & CO consults external service providers in order to ensure that the information will be properly presented in the separate financial statements and in the consolidated financial statements. This applies to transactions such as the acquisition of companies, which harbour risks from the integration of different accounting systems as well as valuation risks. For some measurements (such as pensions and severance payment obligations), the Company draws on the know-how of experts.

In order to prevent any fraudulent acts or abuse, the Company has implemented the separation of functions and performs ongoing follow-up checks (four-eyes principle). Regular assessments performed by the internal audit department contribute to continuous improvement and optimisation of processes.

Regardless of its design, no internal control system can guarantee that its set targets will be achieved with absolute certainty. Considering the design of the implemented control system and its continuous further development, DO & CO regards the risk of preparing misleading financial statements as negligible.

Consolidated Corporate Governance Report

1. Commitment to the Code of Corporate Governance

The Austrian Code of Corporate Governance (ÖCGK) is a set of regulations for responsible corporate governance and management of Austrian stock corporations and was written in accordance with international standards.

DO & CO has been committed to full compliance with the rules of the Austrian Code of Corporate Governance (available for perusal at www.corporate-governance.at) since February 2007. It satisfies all the legal requirements ("L Rules") and confirms that it will not deviate from the comply-or-explain requirements ("C Rules").

As regards corporate governance, management's goal at DO & CO is to increase the value of the Company on a sustainable, long-term basis. DO & CO adheres to strict principles of good corporate management and transparency while constantly refining its efficient system of corporate governance. The ultimate priority is a corporate culture that engenders trust and enables the Company to achieve lasting gains in value.

DO & CO has had an independent external institution conduct regular evaluations of its compliance with the Austrian Code of Corporate Governance since the business year 2007/2008 in accordance with Rule 62 of this Code. The evaluation for the business year 2022/2023 was performed by Ullrich Saurer, a lawyer with Held Berdnik Astner & Partner Rechtsanwälte GmbH. The report on this external evaluation is available on DO & CO's website at www.doco.com.

2. The Management Board

Attila DOGUDAN

Chairman, born in 1959 First appointed to the Board on 3 June 1997 End of the current term of office: 31 July 2023 No seats on supervisory boards or comparable positions

Gottfried NEUMEISTER

Member of the Board, born in 1977 First appointed to the Board on 16 July 2012 End of the current term of office: 31 July 2023 No seats on supervisory boards or comparable positions

Attila Mark DOGUDAN

Member of the Board, born in 1984 First appointed to the Board on 10 June 2021 End of the current term of office: 10 June 2024 No seats on supervisory boards or comparable positions

Workings of the Management Board

Business responsibilities and modes of cooperation of the Management Board are laid down in the Articles of Association and the Internal Rules of Procedure.

The Chairman of the Management Board is responsible for the overall management of the Company and for coordinating the work of the Management Board. All members of the Management Board must report to each other on all important business transactions that occur in their assigned area of business.

The Chairman of the Management Board, Attila Dogudan, is responsible for the strategy and organisation of the Group, the central units, procurement, M & A, legal issues and he leads all matters related to the operational business.

Board Member and Co-CEO Gottfried Neumeister is responsible for the operative management of all production locations worldwide, for airline catering distribution, ESG, as well as for finance and investor relations. Moreover, he supports the Chairman of the Management Board in developing the Group's strategy and organisation.

Board Member Attila Mark Dogudan is responsible for HR, marketing and IT.

Furthermore, the Internal Rules of Procedure contain the information and reporting duties of the Management Board and a list of actions requiring the approval of the Supervisory Board.

Shares held by Members of the Management Board

At the reporting date 31 March 2023, Gottfried Neumeister held 10,000 no-par value shares in DO & CO Aktiengesellschaft.

3. The Supervisory Board

Andreas BIERWIRTH

Chairman, independent, born in 1971

Representative of shareholders holding shares in free float

Current term runs until the 28th Ordinary General Meeting of Shareholders (2026), first appointed on 21 July 2016

Seats on supervisory boards or comparable positions at non-Group listed companies:

• Member of the Board of Directors of EasyJet PLC, UK (resigned in February 2023)

Peter HOFFMANN-OSTENHOF

First Deputy Chairman, independent, born in 1955 Current term runs until the 29th Ordinary General Meeting of Shareholders (2027), first appointed on 27 July 2017

No further seats on supervisory boards of listed companies

Cem KOZLU

Second Deputy Chairman, independent, born in 1946

Representative of shareholders holding shares in free float

Current term runs until the 28th Ordinary General Meeting of Shareholders (2026), first appointed on 21 July 2016

Seats on supervisory boards or comparable positions at non-Group listed companies:

• Member of the Board of Directors of Pegasus Hava Yollari A.Ş., Türkiye
• Member of the Board of Directors of Koç Holding A.Ş., Türkiye
• Member of the Board of Directors of Kamil Yazici Yönetim ve Danisma A.Ş., Türkiye (resigned in August 2022)

Daniela NEUBERGER

Member, independent, born in 1961 Current term runs until the 26th Ordinary General Meeting of Shareholders (2024), first appointed on 18 July 2019 No further seats on supervisory boards of listed companies

Workings of the Supervisory Board

The legal basis for the actions of the Supervisory Board are the Austrian Stock Corporation Act (AktG), the Articles of Association as well as the Internal Rules of Procedure of the Supervisory Board and the Austrian Corporate Governance Code, which the Supervisory Board has expressly undertaken to observe.

In the business year 2022/2023, the Supervisory Board performed its duties under the law and the Articles of Association in four meetings. Due to preventive measures in the course of the COVID-19 pandemic, only the Chairman and a few members of the Supervisory Board were physically present at the meetings. The remaining members of the Supervisory Board participated via telephone or video conferencing tools. The overall attendance rate of all members of the Supervisory Board was 100%, with each member of the Supervisory Board participating in all meetings either in person or virtually.

In addition to ongoing consultation with and advising of the Management Board regarding the Company's strategic direction, priorities in the reporting year were the following in particular:

• Turnaround in the wake of COVID and exceptional revenue development resulting from high demand in Airline Catering and International Event Catering
• Effects of hyperinflation in Türkiye and of the adoption of IAS 29
• Business expansion to the US by opening hubs in Boston and Miami, expanding business with Delta Airlines and the partnership for the Formular 1 Grand Prix in Miami
• Acquisition and provision of VIP hospitality services at the FIFA World Cup in Qatar
• Changes in the market environment due to COVID-19, inflation and labour shortage and resulting opportunities and risks
• Tender for appointment of new statutory auditor

Shares held by Members of the Supervisory Board

At the reporting date 31 March 2023, Andreas Bierwirth held 1,355 no-par value shares in DO & CO Aktiengesellschaft. Cem Kozlu held 8,286 no-par values shares in DO & CO Aktiengesellschaft at the reporting date 31 March 2023.

Independence

The Supervisory Board of DO & CO has no members who are either former Management Board members or senior officers of the Company; similarly, there are no interlocking directorates. Existing business relations with companies in which Supervisory Board members of DO & CO Aktiengesellschaft are active are handled on arm's length terms.

Adhering to Rules 39 and 53 and Annex 1 of the Austrian Code of Corporate Governance, the Supervisory Board in its meeting of 14 February 2007 adopted the following criteria for assessing the independence of its members and Committee members:

A member of the Supervisory Board shall be deemed independent if said member does not have any business or personal relations with the Company or its Management Board that constitute a material conflict of interests and are therefore likely to influence the member's conduct.

Further criteria for the assessment of the independence of a member of the Supervisory Board:

1. The Supervisory Board member has not been a member of the Management Board or senior officer of the Company or any of its subsidiaries in the past five years.

2. The Supervisory Board member has no current business relationship nor has he / she had any business relationship within the last year with the Company or any of its subsidiaries of an extent that is material for such Supervisory Board member. This also applies to business relationships with companies in which the Supervisory Board member has a considerable economic interest. Approval of any individual transactions by the Supervisory Board member in line with L Rule 48 does not automatically cause him / her to be qualified as non-independent.

3. For the past three years, the Supervisory Board member has not been an auditor of the Company or stakeholder or employee of the company auditing DO & CO.

4. The Supervisory Board member is not a management board member of another company in which a Management Board member of the Company serves as a Supervisory Board member.

5. The Supervisory Board member is no direct family member (direct descendant, spouse, domestic partner, parent, uncle, aunt, sibling, niece, nephew) of a Management Board member or of any person who is in any one of the positions described above.

The members of the Supervisory Board each declare that they are independent as defined by the above criteria.

It is noted that the Chairman of the Supervisory Board, Andreas BIERWIRTH, has had a leading position at Erste Group Bank AG, a major lender to DO & CO Aktiengesellschaft, since 21 March 2023.

It is noted that, in the separate sustainability report of DO & CO Aktiengesellschaft, the First Deputy Chairman of the Supervisory Board, Peter HOFFMANN-OSTENHOF, according to the (other) criteria that the sustainability report is based on, is not classified as independent due to his role as member of the Management Board of Attila Dogudan Privatstiftung.

Composition and workings of the Committees

AUDIT COMMITTEE: Andreas BIERWIRTH: Chairman Peter HOFFMANN-OSTENHOF: First Deputy Chairman Cem KOZLU: Second Deputy Chairman (Member of the Audit Committee until 4 August 2022) Daniela NEUBERGER: Member

The Audit Committee's duties include supervising the accounting process and monitoring the effectiveness of the Company's internal control, internal audit and risk management systems. Moreover, it includes supervising the audit of the separate financial statements and the consolidated financial statements as well as investigating and monitoring the auditor's (Group auditor's) independence, especially with regard to additional services rendered for the audited company. The Audit Committee is to submit a report on the result of the audit to the Supervisory Board, specifying how the audit contributed to the reliability of the financial reporting and including its own role in the process. Furthermore, the Audit Committee is to check the separate financial statements, prepare their approval, consider the proposal for the appropriation of profits, check the management report, the Consolidated Corporate Governance Report and the Consolidated Sustainability Report, and submit the report on the results of the audit to the Supervisory Board. The Audit Committee is to check the consolidated financial statements and the group management report as well as submit the report on the results of the audit to the Supervisory Board and prepare the proposal by the Supervisory Board for appointing the auditor (Group auditor).

By resolution dated 4 August 2022, it was decided that henceforth, 3 members of the Supervisory Board will take up the role of the Audit Committee. The Chairman of the Supervisory Board also chairs the Audit Committee and serves as its financial expert. The Deputy Chairman of the Supervisory Board also serves as deputy to the person chairing the Audit Committee. The third member of the Audit Committee is elected by the Supervisory Board.

In the business year 2022/2023, the Audit Committee met three times in total, twice with the statutory auditor present. During these meetings, the Audit Committee engaged in discussions with the statutory auditor, also when the Management Board was not present. During these meetings, the focus was on discussing measures of the internal control system (ICS) and the effectiveness of risk management as well as on the implementation of an internal audit and other audit activities to be performed under Section 92 (4) AktG. Furthermore, the Audit Committee worked on the tender process for the appointment of the new statutory auditor.

SUB-COMMITTEE OF THE AUDIT COMMITTEE Daniela Neuberger: Chairwoman Andreas Bierwirth: Member

In the meeting on 4 August 2022, the Audit Committee decided on setting up a sub-committee which was entrusted with supervising the tender process for the appointment of the statutory auditor as prescribed by law. The sub-committee also developed recommendations for the necessary resolutions by the Audit Committee.

COMMITTEE OF THE CHAIRMAN: Andreas BIERWIRTH: Chairman Peter HOFFMANN-OSTENHOF: Deputy Chairman

The Committee of the Chairman is made up of the Chairman and the First Deputy Chairman. The Committee of the Chairman is also charged with acting as Nominating Committee, Remuneration Committee and Committee Authorised to Make Decisions in Urgent Cases.

In its capacity as Nominating Committee, the Committee of the Chairman submits proposals to the Supervisory Board for filling vacant seats on the Management Board and deals with issues of succession planning. No meeting of the Nominating Committee took place in the business year 2022/2023.

In its capacity as a Remuneration Committee, the Committee of the Chairman shall discuss matters concerning relationships with the Company and the members of the Management Board, remuneration of members of the Management Board and the content of employment contracts with members of the Management Board. The Remuneration Committee met twice in the business year 2022/2023, addressing the fixed remuneration paid out to Mr. Attila Mark Dogudan in his role as new member of the Management Board, and the issue of granting variable remuneration to members of the Management Board in the business year 2022/2023.

The remuneration report for the business year 2022/2023 will be submitted to the 25th General Meeting of Shareholders.

In its capacity as Committee Authorised to Make Decisions in Urgent Cases, the Committee of the Chairman is charged with making decisions on matters that require its consent.

ESG Committee:

Dr. Andreas Bierwirth: Chairman Daniela Neuberger: Member

The ESG Committee is charged with performing duties and reviewing responsibilities in the field of Environmental / Social / Governance. In the business year 2022/2023, the ESG Committee held a meeting on the regulatory framework and position of the Company as well as the Company's objectives.

4. Diversity Concept

In selecting the members of the Supervisory Board, professional qualifications, personal skills and commitment as well as many years of experience in leading positions are paramount. Additionally, aspects of diversity, of member internationality and age structure are taken into account. The members of the Supervisory Board are between 51 and 76 years of age. Two members are not Austrian citizens and have many years of experience in the German and Turkish markets, respectively.

In appointing the Management Board and the Supervisory Board, Company-specific requirements as well as the quality of members of the Management Board and Supervisory Board should be considered. DO & CO Aktiengesellschaft's boards should consist of personalities who have the necessary knowledge of the business segments relevant to DO & CO, meet the personal requirements and have the experience that is required by and ensures the management and monitoring of a globally operating and publicly traded group. One woman is currently part of the Supervisory Board. A great number of women are in leading positions at the executive level of the DO & CO Group (see also Section 5 in this respect).

5. Measures to promote Women on the Management Board, Supervisory Board and in Executive Positions

The Company puts considerable emphasis on ensuring equal treatment of men and women in assigning executive positions and paying equal wages and salaries. Management positions at DO & CO Aktiengesellschaft and its subsidiaries are appointed without consideration of gender, with the result that the Group boasts a high share of women in executive positions within the companies and in a senior executive capacity at Group level.

Particularly noteworthy is the Company's creation of a framework for women in senior management positions returning after maternity and parental leave. A number of part-time working models allow women to return to their original management positions and continue to serve in an executive position.

Vienna, 9 June 2023

Attila Dogudan m.p.	Gottfried Neumeister m.p.
Chairman of the Management	Member of the Management
Board	Board

Attila Mark Dogudan m.p. Member of the Management Board

Report of the Supervisory Board

The Management Board of DO & CO Aktiengesellschaft regularly informed the members of the Supervisory Board in writing and orally in meetings and outside meetings about the progress of business and the situation of the Company as well as material business transactions. Based on the reports of and information from the Management Board, the Supervisory Board monitored the management and deliberated thoroughly on business transactions of special significance in open discussions.

In the business year 2022/2023, the Supervisory Board performed its duties under the law and the Articles of Association in four meetings, with some members of the Supervisory Board participating in the meetings via video conferencing tools due to COVID-19. The attendance rate of all members of the Supervisory Board was 100%. The priority was, in particular, to advise the Management Board regarding the Company's strategic direction and the changed risk environment.

During the Supervisory Board meetings, the focus was on the following matters in particular: the Company's turnaround after the COVID crisis and the strong revenue development resulting from the high demand in Airline Catering and International Event Catering with a special focus on the business expansion in the US through the opening of the hubs in Boston and Miami, business with Delta Airlines and the partnership for the Formula 1 Grand Prix in Miami as well as the acquisition and provision of VIP hospitality services at the FIFA World Cup in Qatar.

The Management Board and the Audit Committee also discussed the impact of hyperinflation in Türkiye and of the adoption of IAS 29. Furthermore, the Management Board and the Audit Committee discussed the market changes due to the effects of COVID-19, inflation and staff shortage on the labour market as well as appropriate counter measures. The Management Board reported on the high demand in all Company divisions and presented the resulting opportunities and risks and the Company's strategic orientation.

The Chairmen of the Supervisory Board and the Management Board regularly consulted on material issues of the Company's development.

The Audit Committee met three times in the business year 2022/2023. At its meeting on 14 June 2023, the Audit Committee examined the separate financial statements of DO & CO Aktiengesellschaft, the proposal for the appropriation of profits, the management report, the Consolidated Corporate Governance Report as well as the Consolidated Sustainability Report, the Consolidated Financial Statements and the Group Management Report and prepared the approval of the separate financial statements.

On the Audit Committee's recommendation, the Supervisory Board will propose to the General Meeting of Shareholders to appoint KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, 1090 Vienna, Porzellangasse 51, as statutory auditor and group auditor for the business year 2023/2024.

Pursuant to the selection procedure carried out according to Article 16 (2) of the Audit Regulation (Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC), the Audit Committee recommended KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, 1090 Vienna, Porzellangasse 51 and Deloitte Audit Wirtschaftsprüfungs GmbH, 1010 Vienna, Renngasse 1/

Freyung, for the mentioned audit services, expressing a duly justified preference for KPMG Austria Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, 1090 Vienna, Porzellangasse 51. The Audit Committee declared that its recommendation is free from any undue influence by third parties, and that no clauses of the type defined in Article 16 (6) of the Audit Regulation of the were imposed.

The Audit Committee particularly monitored the accounting system, the internal control system, as well as the effectiveness of the risk management system and the internal audit system.

The Remuneration Committee met twice in the business year 2022/2023, addressing the fixed remuneration received by Mr. Attila Mark Dogudan in his role as new member of the Management Board, and the issue of granting variable remuneration to members of the Management Board in the business year 2022/2023.

The separate financial statements plus notes of DO & CO Aktiengesellschaft as of 31 March 2023 along with the management report were prepared in accordance with Austrian accounting regulations and audited by CENTURION Wirtschaftsprüfungs- und Steuerberatungs GmbH, which issued an unqualified auditor's report on these documents. The auditor submitted the additional report to the Audit Committee pursuant to Article 11 of the Audit Regulation, providing a written report on the findings of the audit. The Supervisory Board concurred with the Management Board in the latter's report on the audit findings and approved the financial statements for 2022/2023. They are thus adopted in accordance with Section 96 (4) AktG.

The consolidated financial statements as of 31 March 2023 plus notes were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union and were audited, along with the Group management report, by CENTURION Wirtschaftsprüfungs- und Steuerberatungs GmbH. The auditor presented the additional report in accordance with Article 11 of the Audit Regulation to the Audit Committee and reported in writing on the result of the audit of the consolidated financial statements. In the auditor's opinion, the consolidated financial statements present fairly, in all material respects, the actual assets and financial position of the DO & CO Aktiengesellschaft Group as of 31 March 2023 and the results of its operations and its cash flows for the business year 2022/2023 in conformity with International Financial Reporting Standards (IFRS) as adopted in the European Union and additional requirements under Section 245a Austrian Commercial Code (UGB). The Supervisory Board concurred with the findings of the audit.

Furthermore, the Supervisory Board examined the Management Board's proposal for the appropriation of profit of DO & CO Aktiengesellschaft. A proposal will be made to the General Meeting of Shareholders on 20 July 2023 to distribute a dividend payout of € 1.00 on each share entitled to a dividend from the net profit of € 11,000,000.00 and to carry forward the remaining net profit to the next business year. The number of shares entitled to a dividend may change until the date of the General Meeting of Shareholders due to the issuance of shares to holders of convertible bonds. In such case, the proposal for the appropriation of profit will be adjusted to the number of shares entitled to a dividend at the time the General Meeting of Shareholders takes place.

The compliance review of the Consolidated Corporate Governance Report as provided for in Section 267b UGB and an evaluation of compliance by DO & CO Aktiengesellschaft with the rules of the Austrian Corporate Governance Code (ÖCGK) during the business year 2022/2023 were carried out by Ullrich Saurer, lawyer at Held Berdnik Astner & Partner Rechtsanwälte GmbH. It was found that DO & CO has complied with the Rules of the Austrian Corporate Governance Code in the business year 2022/2023.

The Supervisory Board also conducted a self-evaluation of its activities, the results of which were extensively discussed in the Supervisory Board meeting on 14 June 2023.

The past year has shown that the corporate values of quality, innovation and employee focus remain the right foundation for the Company's extraordinary success in challenging times. The Supervisory Board would like to express its gratitude to the Company's management and in particular to the employees in all DO & CO divisions for their dedicated work.

Vienna, 14 June 2023 Dr. Andreas Bierwirth Chairman of the Supervisory Board Consolidated Financial Statements 2022/2023 of DO & CO Aktiengesellschaft in accordance with IFRS

1. Consolidated Statement of Financial Position

	Assets in m€	31 March 2023	31 March 2022
Notes
5.1.	Intangible assets	24.70	26.49
5.2.	Property, plant and equipment	393.01	367.65
	Investment property	2.17	0.56
5.3.	Investments accounted for using the equity method	2.54	1.63
5.4.	Other financial assets	20.73	17.47
5.14.	Deferred tax assets	23.31	16.71
	Other non-current assets	19.48	23.92
	Non-current assets	485.94	454.44
5.5.	Inventories	45.30	26.53
5.6.	Trade receivables	165.86	92.37
5.4.	Other financial assets	16.30	25.69
5.14.	Income tax receivables	0.09	0.18
5.7.	Other non-financial assets	36.44	34.59
5.8.	Cash and cash equivalents	235.16	207.63
5.9.	Non-current assets held for sale	23.91	27.54
	Current assets	523.06	414.53
	Total assets	1,009.00	868.97
	Shareholders' equity and liabilities in m€	31 March 2023	31 March 2022
Notes
	Share capital	19.90	19.49
	Capital reserves	85.20	70.51
	Convertible Bond (equity component)	11.77	11.77
	Retained earnings	157.65	124.00
	Other comprehensive income	-99.19	-108.13
	Special item from transactions with non-controlling interests	-4.35	-3.52
	Equity attributable to the shareholders of DO & CO Aktiengesellschaft	170.98	114.12
	Non-controlling interests	27.20	21.86
5.10.	Shareholders´ equity	198.18	135.98
5.11.	Bond	76.30	88.76
5.12.	Other financial liabilities	391.77	399.13
5.13.	Non-current provisions	25.35	19.41
	Other non-current liabilities	0.01	0.01
	Income tax liabilities	0.01	0.01
5.14.	Deferred tax liabilities	10.08	5.70
	Non-current liabilities	503.53	513.02
5.15.	Other financial liabilities	75.46	57.58
5.16.	Trade payables	132.24	101.44
5.17.	Current provisions	26.92	17.01
	Income tax liabilities	10.23	4.56
5.18.	Other liabilities	57.97	33.65
5.9.	Liabilities directly allocable to non-current assets held for sale	4.47	5.71
	Current liabilities	307.29	219.96
	Total shareholders' equity and liabilities	1,009.00	868.97

2. Consolidated Income Statement

		Business Year	Business Year
Notes	in m€	2022/2023	2021/2022
6.1.	Revenue	1,419.35	705.20
6.2.	Other operating income	18.25	49.82
6.3.	Cost of materials	-603.88	-272.21
6.4.	Personnel expenses	-464.78	-260.96
6.5.	Other operating expenses	-227.59	-126.48
6.6.	Result of equity investments accounted for using the equity method	1.97	0.98
	EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	143.33	96.34
6.7.	Amortisation / depreciation and effects from impairment tests	-57.63	-53.94
	EBIT - Operating result	85.71	42.40
	Financing income	3.15	2.44
	Financing expenses	-19.93	-21.39
	Other financial result	-1.78	0.54
	Result from hyperinflation adjustment	-17.86	0.00
6.8.	Financial result	-36.41	-18.40
	Result before income tax	49.30	24.00
6.9.	Income tax	-13.46	-10.08
	Result after income tax	35.84	13.92
	Thereof net profit attributable to non-controlling interests	2.19	2.93
	Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	33.64	11.00

		Business Year	Business Year
		2022/2023	2021/2022
	Net result in m€	33.64	11.00
	Weighted average number of shares (in Pie)	9,778,970	9,744,000
6.10.	Basic/Undiluted earnings per share (in €)	3.44	1.13

		Business Year	Business Year
		2022/2023	2021/2022
	Net Result (used to determine diluted earnings per share) in m€	37.00	14.22
	Weighted average of shares issued + weighted average of potential shares (in Pie)	10,984,231	10,984,231
6.10.	Diluted earnings per share (in €)	3.37	1.29

3. Consolidated Statement of Comprehensive Income

in m€	Business Year	Business Year
	2022/2023	2021/2022
Result after income tax	35.84	13.92
Adjustment from Hyperinflation	31.88	0.00
Differences of currency translation	-12.75	-27.53
Income tax	0.76	-1.14
Cash Flow Hedge Reserve	3.96	3.98
Income tax	-0.91	-0.95
Total of items that will be reclassified subsequently to the income statement	22.94	-25.64
Termination benefits and pension payments obligations	-10.68	-3.36
Income tax	2.11	0.69
Total of items that will not be reclassified subsequently to the income statement	-8.57	-2.67
Other comprehensive income after income tax	14.37	-28.31
Total comprehensive income for the period	50.21	-14.38
Thereof attributable to non-controlling interests	7.62	-13.14
Attributable to DO & CO Aktiengesellschaft (Total result)	42.59	-1.24

4. Consolidated Statement of Cash Flows

		Business Year	Business Year
	in m€	2022/2023	2021/2022
	Profit before income tax	49.30	24.00
+/-	Amortisation / depreciation and effects from impairment tests	57.63	54.35
-/+	Gains / losses from disposals of non-current assets	0.17	0.01
-/+	Gains / losses from the disposal of subsidiaries Gains / losses from associated companies measured at equity	0.00	0.06
-/+	without cash effect	-1.97	-0.98
+/-	Other non-cash expenses / income	-3.44	-15.88
+/-	Interest result	16.99	18.55
+/-	Result from hyperinflation adjustment	17.86	0.00
	Gross cash flow	136.53	80.12
-/+	Increase / decrease in inventories and other current assets	-91.89	-74.20
+/-	Increase / decrease in provisions	5.92	-0.87
+/-	Increase / decrease in trade payables and other liabilities	73.92	66.37
-	Income tax payments	-10.36	-4.90
	Cash flow from operating activities (net cash flow)	114.12	66.51
+	Payments received for disposals of property, plant and equipment	2.42	0.96
	and intangible assets Payments received for the disposal of subsidiaries,
+	less divested cash	0.00	-0.06
+	Payments received from disposals of at equity companies	0.95	0.00
+	Payments received for the disposal of other financial assets	0.01	0.08
-	Additions to property, plant and equipment	-36.70	-15.75
-	Additions to intangible assets	-0.58	-0.40
-	Additions to other financial assets	-0.85	-0.94
-	Cash outflows for the acquisition of subsidiaries, less acquired cash	0.03	0.00
+	Dividends received	0.00	0.18
+	Interest received	2.81	2.10
	Cash flow from investing activities	-31.92	-13.84
-	Dividend payment to non-controlling interests	-3.12	0.00
+	Increase in financial liabilities	0.00	0.07
-	Repayment of financial liabilities	-33.34	-32.91
-	Interest paid / Transaction costs	-15.13	-16.51
	Cash flow from financing activities	-51.59	-49.36
	Net increase/decrease in cash and cash equivalents	30.62	3.32
	Cash and cash equivalents at the beginning of the period	207.63	207.60
	Effects of exchange rate changes on cash and cash equivalents (opening balance)	-2.57	-1.62
	Effects of exchange rate changes on cash and cash equivalents (movement)	-0.52	-1.67
	Cash and cash equivalents at the end of the period	235.16	207.63
	Net increase/decrease in cash and cash equivalents	30.62	3.32

Section 7 includes further information on changes to liabilities from financing activities.

5. Consolidated Statement of Changes in Equity

	Other comprehensive income
in m€	Share capital	Capital reserves	Convertible Bond (equity component)	Retained earnings	Currency translation differences	Revaluation IAS 19	Cash Flow Hedge Reserve	Special item from transactions with non controlling interests	Total	Non controlling interests	Total equity
As of 1 April 2022	19.49	70.51	11.77	124.00	-104.87	-5.05	1.79	-3.52	114.12	21.86	135.98
Converted Bonds	0.41	14.70							15.11		15.11
Dividend payments										-3.12	-3.12
Total result				33.64	9.95	-4.05	3.05		42.59	7.62	50.21
Transactions with non controlling interests								-0.84	-0.84	0.84	0.00
As of 31 March 2023	19.90	85.20	11.77	157.65	-94.92	-9.10	4.84	-4.35	170.98	27.20	198.18
As of 1 April 2021	19.49	70.51	11.77	113.01	-90.86	-3.78	-1.25	-1.40	117.48	32.89	150.37
Changes in scope of consolidation					-0.01				-0.01		-0.01
Total result				11.00	-14.01	-1.26	3.03		-1.24	-13.14	-14.38
Transactions with non controlling interests								-2.11	-2.11	2.11	0.00
As of 31st March 2022	19.49	70.51	11.77	124.00	-104.87	-5.05	1.79	-3.52	114.12	21.86	135.98

Equity of the shareholders of DO & CO Aktiengesellschaft

Information on shareholders' equity is provided in Section 5.10.

Notes to the Consolidated Financial Statements

1. General Information

DO & CO Aktiengesellschaft (DO & CO, the Company), domiciled in 1010 Vienna, Stephansplatz 12, is the parent company of an international catering group. It conducts business in the three divisions Airline Catering, International Event Catering, and Restaurants, Lounges & Hotels. The shares of DO & CO Aktiengesellschaft are listed on the Vienna Stock Exchange and the Istanbul Stock Exchange.

The consolidated financial statements of DO & CO Aktiengesellschaft for the business year from 1 April 2022 to 31 March 2023 (2022/2023) have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted in the European Union for capital market-oriented entities as well as pursuant to the supplementary provisions of Section 245a of the Austrian Commercial Code (UGB).

DO & CO has fully complied with these provisions. The consolidated financial statements present a true and fair view of the DO & CO Group's financial situation and performance. The financial statements of all material domestic and foreign entities that are fully included in the consolidated financial statements have been audited.

In accordance with IAS 1, the consolidated statement of financial position is to be structured according to maturities. Assets and liabilities are classified as current if they are expected to be realised (assets) or settled (liabilities) within 12 months after the reporting date. The income statement is prepared using the total expenditure format.

The consolidated financial statements are prepared in euros, the functional currency of the holding company. Unless otherwise stated, the figures in the consolidated financial statements are presented in millions of euros (m€). Unless otherwise indicated, all amounts reported in the consolidated financial statements and in the notes to the consolidated financial statements are rounded to the nearest ten thousand. Both individual figures and total amounts represent the smallest rounding difference. When the reported individual figures are aggregated, slight differences to the reported total amounts may therefore arise.

The preparation of the consolidated financial statements in accordance with the generally accepted accounting methods under IFRS as adopted in the European Union requires assumptions and estimates that affect the amount and presentation of recognised assets and liabilities, as well as income and expenses during the reporting period. Although these estimates are made by the Management Board on the members' best knowledge by drawing on experience gained in similar transactions, the actual values may differ from these estimates.

On 9 June 2023, the Management Board of DO & CO approved the consolidated financial statements for the business year 2022/2023 for publication and released them to the Supervisory Board. On 14 June 2023, the Company's Supervisory Board will approve the consolidated financial statements.

2. Effects of new and / or amended IFRS

In the reporting period 2022/2023, the first-time mandatory application of the following standards and interpretations newly issued or amended by the IASB or the IFRS Interpretations Committee and adopted by the European Union did not have an impact or did not have a material impact on the presentation of DO & CO's assets, financial situation and performance or results.

	Standard / Interpretation (until 31 March 2023)	Endorsed and effective from beginning of	Mandatory effective date for DO & CO	Expected impact on consolidated financial statements
IAS 16	Amendments to IAS 16: Proceeds before intended use	January 2022	1 April 2022	no impact
IFRS 3	Amendments to IFRS 3: Reference to the Conceptual Framework	January 2022	1 April 2022	no impact
IAS 37	Amendments to IAS 37: Onerous Contracts - Cost of Fulfilling a Contract	January 2022	1 April 2022	no impact
IFRS 9	Annual Improvements of IFRS (2018-2020 Cycle) Amendments: Financial Instruments	January 2022	1 April 2022	no impact
IFRS 16	Annual Improvements of IFRS (2018-2020 Cycle) Amendments: Leases	January 2022	1 April 2022	no impact
IFRS 1	Annual Improvements of IFRS (2018-2020 Cycle) Amendments: First-time Adoption of International Financial Reporting Standards	January 2022	1 April 2022	no impact
IAS 41	Annual Improvements of IFRS (2018-2020 Cycle) Amendments: Agriculture	January 2022	1 April 2022	no impact

2.1. New and amended standards and interpretations

2.2. New standards not yet effective

The following standards and interpretations newly issued or amended by the IASB or the IFRS Interpretations Committee were not yet applied in the reporting period 2022/2023 as they either have not been endorsed by the EU yet or were not yet effective. The option of voluntary early application is not used by DO & CO.

	Standard / Interpretation (until 15 June 2023)	Effective date according to IASB	Mandatory effective date for DO & CO, if endorsed	Expected impact on consolidated financial statements
IAS 1	Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies	January 2023	1 April 2023	no impact
IAS 8	Amendments to IAS 8: Definition of Accounting Estimates	January 2023	1 April 2023	no impact
IAS 1	Amendments to IAS 1: Classification of Liabilities as Current or Non-currrent	January 2023	1 April 2023	no impact
IAS 12	Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 2023	1 April 2023	no impact
IFRS 17	Insurance Contracts	January 2023	1 April 2023	no impact
IFRS 17	Amendments to IFRS 17: Initial Application of IFRS 17 and IFRS 9 - Comparative Information	January 2023	1 April 2023	no impact
IAS 1	Amendment to IAS 1 – Non current liabilities with covenants	January 2024	1 April 2024	will have impact
IFRS 16	Amendment to IFRS 16 – Leases on sale and leaseback	January 2024	1 April 2024	no impact

3. Financial reporting in hyperinflationary economies

As of the first quarter of the business year 2022/2023, DO & CO has taken the provisions pursuant to IAS 29 "Financial reporting in hyperinflationary economies" into account when including subsidiaries with the Turkish lira as their functional currency in the consolidated financial statements.

In this context, the financial statements of those subsidiaries are adjusted in a way that reflects the changes in the purchasing power of the Turkish lira. Non-monetary items of the statement of financial position measured at amortised cost are adjusted using a price index prior to conversion to the group currency. Monetary items of the statement of financial position are not indexed. Moreover, all items of the income statement, the statement of comprehensive income and the statement of changes in equity are also adjusted. Gains and losses related to the net position of the monetary items are presented as separate items in the financial result of the income statement.

All items of the statement of financial position as well as the income statement and the statement of comprehensive income are subsequently translated into the group currency using the closing rate. All differences resulting from the indexing and currency translation are reported without affecting profit or loss in the reserve for currency translation in other comprehensive income.

All financial statements of the subsidiaries using the Turkish lira as their functional currency are based on the historical cost approach. The consumer price indices published by the Turkish Statistical Institute (Türkiye İstatistik Kurumu) are used for indexing. The price index as of 31 March 2023 (2003=100) stood at 1,269.75 (31 March 2022: 843.64).

The following table displays the changes in the index during the current reporting period:

Monthly change in the consumer price index
in %	2022/2023
April 2022	7.25 %
May 2022	2.98 %
June 2022	4.95 %
July 2022	2.37 %
August 2022	1.46 %
September 2022	3.08 %
October 2022	3.54 %
November 2022	2.88 %
December 2022	1.18 %
January 2023	6.65 %
February 2023	3.15 %
March 2023	2.29 %

Due to the adjustment of non-monetary items, total assets of the DO & CO Group increase by € 15.44m as of 31 March 2023. This primarily results from the indexation of property, plant and equipment (€ 12.11m) and the investment property (€ 1.74m) as well as the indexation of inventories (€ 1.47m). On the equity and liabilities side, the consolidated equity increases by € 12.61m, of which € 6.11m relates to non-controlling interests, deferred tax liabilities increase by € 2.83.

The net position of monetary items results in a loss in the amount of € 17.86m in the business year 2022/2023. Moreover, applying IAS 29, has an impact particularly on the items cost of materials and depreciation. In the first three quarters of the business year, cost of materials increases by € 31.96m in absolute terms and depreciation by € 4.08m. In the business year 2022/2023, the application of IAS 29 results in a reduction of the result after income tax in the amount of € 19.26m of which € 8.77m is allocated to non-controlling interests.

The reserve for currency translation stated under other comprehensive income includes adjustments from the indexation pursuant to IAS 29 in the amount of € 31.88m in the business year 2022/2023. € 14.88m thereof is allocated to non-controlling interests.

4. Significant Accounting Principles

4.1. Consolidation

4.1.1. Scope of consolidation

The consolidated financial statements as of 31 March 2023 comprise, in addition to DO & CO, all material subsidiaries which the Company directly or indirectly controls. An entity is controlled when DO & CO or one of its subsidiaries has power over that entity, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For subsidiaries of DO & CO, such control normally results from the ownership of the majority of voting rights.

DO & CO holds 50% of the voting rights in the subsidiary THY DO & CO Ikram Hizmetleri A.Ş. As DO & CO is in a position to appoint members to the boards of the company, DO & CO has the power to exert an influence on the relevant activities of THY DO & CO Ikram Hizmetleri A.Ş. and is thus in a position to influence its own yield resulting from this investment. Against this background, the Management Board of DO & CO thus considers DO & CO to have control over THY DO & CO Ikram Hizmetleri A.Ş.

With regard to the disclosure requirements for investments in subsidiaries pursuant to IFRS 12, refer to Section 5.10.

One foreign company in which DO & CO shares control with another entity via indirect shareholding is included at equity in the consolidated financial statements of DO & CO as a joint venture.

Disclosures on joint ventures and associates are provided in Section 5.3.

4.1.2. Changes in the scope of consolidation

The following companies founded by DO & CO were consolidated for the first time in the business year 2022/2023:

• DO & CO Events USA, Inc. was consolidated for the first time with effect as of 30 September 2022.
• DO & CO Brasil Catering e Eventos LTDA was consolidated for the first time with effect as of 31 December 2022.

In the third quarter of the business year 2022/2023, DO & CO sold it's entire 40% share in both joint venture companies Sky Gourmet Malta Inflight Services Ltd. and Sky Gourmet Malta Ltd. that were previously accounted for using the equity method.

The unconsolidated company Henry am Zug Kft. was liquidated in the business year 2022/2023.

4.1.3. Consolidation Principles

Subsidiaries are initially consolidated at the date of their acquisition, i.e. when DO & CO obtains control of the subsidiary. Subsidiaries are deconsolidated from the date that control ceases.

Initial consolidation is based on the acquisition method. This method requires the parent company to measure acquired assets and assumed liabilities at their fair values at the acquisition date. The acquisition costs of the acquisition are the fair value of the consideration transferred. DO & CO recognises goodwill to the extent that the consideration transferred (including the value of the shares of other shareholders and the fair value of any shares held prior to the moment when control is obtained; i.e. acquisition achieved in stages) exceeds the fair value to be recognised for the assets acquired and liabilities assumed. If this is not the case, after a re-examination of the purchase price allocation, the Company recognises the difference with immediate effect in profit or loss. DO & CO measures non-controlling interests at the proportionate share of the subsidiary's identifiable net assets.

Goodwill arising from acquisitions is not subject to amortisation but is tested annually for impairment (impairment test) and written down to its lower recoverable value in the case of an impairment.

DO & CO uses the equity method to account for investments in joint ventures and associates. Acquired investments are initially recognised at cost at the time of their acquisition, including transaction costs. If the acquisition costs incurred for the investment exceed the acquired interest in the fair values of the assets and liabilities, goodwill is recognised. Goodwill is part of the carrying amount of the investment and is not tested separately for impairment. Any negative difference is recognised immediately in profit or loss. The carrying amount of the investment is subsequently measured taking into account DO & CO's proportionate share of the changes in the net assets of the investment. Any losses carried forward by an associate or a joint venture that exceed the carrying amount of the investment held by DO & CO are only recognised to the extent that DO & CO has incurred legal or constructive obligations to cover any losses. DO & CO tests investments accounted for using the equity method for impairment if there is indication of such impairment.

The financial statements of the joint venture or the associate at the reporting date of DO & CO form the basis for investments being accounted for using the equity method. In the case of deviating reporting dates, DO & CO uses interim financial statements of the respective entity prepared at the reporting date for the update of the carrying amount of the investment.

Subsidiaries, joint ventures and associates are included in the consolidated financial statements according to uniform accounting methods. Significant inter-company transactions, balances, unrealised income arising from supply and service relationships among the companies of the consolidated group are eliminated. Transactions between the parent company or subsidiaries and entities included at equity are eliminated on a prorated basis. The same applies to unrealised losses unless the transaction implies that the transferred assets are impaired.

4.2. Currency conversion

The euro is DO & CO Group's presentation currency. The functional currency of foreign entities partly differs from the Group's presentation currency. Financial statements of subsidiaries, joint ventures and associates that do not have the euro as functional currency are translated in accordance with IAS 21 using the modified reporting date method. Assets and liabilities of the financial statements of the entities to be included are translated using the average spot exchange rate as of 31 March 2023, income and expenses are translated using the average annual exchange rate.

Foreign currency transactions are translated into the respective functional currency using the exchange rates prevailing at the dates of the transactions. Monetary items (most notably receivables and liabilities) are subsequently translated at the respective closing rates. Any currency translation differences are immediately recognised through profit or loss by DO & CO. Unrealised currency translation differences with regard to monetary items, however, that economically belong to the net investment in a foreign operation are recognised directly in equity as currency translation differences (net investment approach). This particularly includes loans to British, US and Swiss subsidiaries of which the repayment is neither planned nor probable in the near future.

Movements in non-current assets are translated at average exchange rates. Any effects resulting from changes in the average exchange rate at the reporting date compared to the average exchange rate of the previous period, as well as from the application of average rates, are reported separately in the consolidated asset table under currency translation.

Currency translation differences resulting from the use of different closing rates for items in the statement of financial position or from exchange rate differences between the closing rates applied to the translation of expenses and income in the income statement and associated changes in net assets in the statement of financial position are recognised under differences of currency translation within equity. Currency translation differences recognised without affecting profit or loss during a company's association with the Group will be reclassified to the income statement upon deconsolidation of the respective company.

The exchange rates applied with regard to the translation of significant currencies have developed as follows:

		Reporting Date Rate		Average Rate
1 Euro corresponds to:		31 March 2023	31 March 2022	31 March 2023	31 March 2022
US Dollar	USD	1.0875	1.1101	1.0415	1.1624
British Pound Sterling	GBP	0.8792	0.8459	0.8641	0.8506
Turkish Lira	TRY	20.8633	16.2824	20.8633	12.1390
Swiss Franc	CHF	0.9968	1.0267	0.9942	1.0676
Polish Zloty	PLN	4.6700	4.6531	4.7056	4.5838
Ukrainian Hryvnia	UAH	39.7804	32.5860	36.2647	31.8827
Mexican Peso	MXN	19.6390	22.0902	20.4528	23.6161
Brazilian Real	BRL	5.5158	0.0000	5.3026	0.0000
South Korean Won	KRW	1,420.4545	1,347.7089	1,362.3978	1,355.0136

4.3. Accounting methods

General measurement principles

Unless otherwise stated, DO & CO has consistently applied the accounting methods below to all the periods presented in these consolidated financial statements (see Section 2). The consolidated financial statements are prepared under the historical cost convention, excluding assets and liabilities recognised at fair value.

Intangible Assets

DO & CO particularly recognises goodwill as well as acquired customer contracts, licenses, trademarks and rights of use under the item Intangible assets in the consolidated statement of financial position. Capitalisable development expenses are not incurred at DO & CO. Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. DO & CO charges amortisation for intangible assets with definite useful lives on a straight-line basis over a useful life of 2 to 17 years. Amortisation is recognised in the income statement under Amortisation / depreciation and effects from impairment tests. Goodwill and other intangible assets with an indefinite useful life are not subject to amortisation. If evidence exists that intangible assets are impaired, DO & CO tests the respective assets for impairment. Irrespective of such evidence, DO & CO tests goodwill and other intangible assets with an indefinite useful life annually for impairment. With regard to the determination and recognition of impairment, reference is made to Section Impairment of non-financial assets.

Property, plant and equipment

Property, plant and equipment is recognised at cost less accumulated depreciation and accumulated impairment losses. In addition to the purchase price and directly attributable expenses required to transfer the asset to its location and to render the asset operational as intended by management, cost also includes the estimated expenses for a possible obligation for dismantling and removing the asset and for restoring the site at which the asset is located. With regard to qualifying assets, DO & CO has not yet recognised borrowing costs as part of cost, since they were insignificant for the business year 2022/2023.

At DO & CO, depreciation of property, plant and equipment subject to wear and tear is charged on a straight-line basis over the useful lives shown below and by taking into account significant residual values:

Land and buildings	25.00	to	40.00 years
Buildings on land owned by others	2.00	to	25.00 years
Plant and machinery	2.00	to	20.00 years
Other equipment and office equipment	2.00	to	10.00 years

Depreciation is recognised in the income statement under Amortisation / depreciation and effects from impairment tests.

If evidence exists with regard to potential impairment, DO & CO assesses the need to impair the assets in line with the principles set forth in this Section entitled Impairment of nonfinancial assets.

Gains and losses arising from the disposal of property, plant and equipment are determined at the time when the assets are derecognised by comparing the net disposal proceeds with the carrying amount of the asset to be disposed and are recognised within Other operating income or Other operating expenses.

Investment property

DO & CO treats developed property held for an undetermined future use as investment property. Investment property was initially recognised at cost including associated costs incurred and subsequently measured at cost less accumulated depreciation. Property is subsequently measured at cost less accumulated depreciation since commissioning and accumulated impairment losses.

Leases

At contract inception, DO & CO assesses whether a contract includes a lease. A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For the assessment whether a contract conveys the right to control an identified asset, DO & CO adopts the definition of a lease in accordance with IFRS 16.

DO & CO uses the option to not recognise short-term leases where the lease term is 12 months or less and leases where the underlying asset is of low value (approx. € 5,000). DO & CO recognises lease payments relating to such leases as an expense on a straight-line basis over the lease term.

Right-of-use Assets

Right-of-use assets are measured at cost. At initial recognition, they include:

• the amount of the initial measurement of the lease liability
• any lease payments made at or before the commencement date, less any lease incentives received
• any initial direct costs and an estimate of costs to be incurred by the lessee in dismantling or removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.

In the case of a remeasurement of the lease liabilities, right-of-use assets are adjusted and tested for impairment, if required (see Impairment of non-financial assets).

Lease Liabilities

At the commencement date, the lease liabilities are recognised at the present value of the future lease payments. These lease payments include:

• fixed payments (including in-substance fixed payments) less any lease incentives received
• variable lease payments that depend on an index or a(n) (interest) rate
• residual amounts expected to be payable by the lessee under residual value guarantees
• the exercise price of a purchase option if the lessee is reasonably certain to exercise that option
• payments of penalties for terminating a lease, if the lease term reflects that DO & CO will exercise the option to terminate the lease.

Lease payments are discounted at the interest rate implicit in the lease or at the incremental borrowing rate of the respective entity, i.e. the rate of interest that the entity would have to pay to borrow the funds necessary to acquire an asset of a similar value and at similar terms in a similar economic environment.

Lease liabilities are measured at amortised cost. Lease liabilities are remeasured if there is a change in future lease payments resulting from a change in an index or a(n) (interest) rate used to determine those payments, or if there is a change in the assessment of any purchase, termination or extension options.

Impairment of non-financial assets

DO & CO tests capitalised goodwill as well as intangible assets with an indefinite useful life annually for impairment. All other intangible assets, property, plant and equipment and investment property are tested for impairment when there is evidence or any indicator that their carrying amounts may not be recoverable either by selling the assets or by using the assets in the Company. If this assumption is confirmed, DO & CO recognises an impairment loss equivalent to the difference between the carrying amount and the lower recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and the discounted net cash inflow from the future use of the asset (value in use). If separately identifiable cash flows cannot be allocated to individual assets, impairment is tested at the lowest level of cash-generating units for which cash flows can be identified and which are largely independent from cash flows of other cash-generating units. DO & CO tests goodwill for impairment at the lowest level within the Group where management monitors these assets for internal management purposes. The underlying cash-generating unit comprises at most one operating segment.

Impairment results in a corresponding decrease of the carrying amount of the asset. If impairment is assessed on the basis of cash-generating units, impairment primarily reduces the goodwill allocated to the unit. Any remaining amount reduces non-current assets in proportion to their carrying amounts, whereas the impairment is limited by a value of zero and – if determinable – by the net selling price or the value in use of the relevant asset.

Impairment losses are recognised in the income statement of DO & CO under Amortisation / depreciation and effects from impairment tests.

If evidence exists that an asset subject to amortisation or depreciation is impaired, DO & CO reviews the asset's remaining useful life, the method of amortisation or depreciation applied and any residual value taken into account irrespective of whether or not an impairment loss has to be recognised.

If the recoverable amount of an impaired asset (except for goodwill) increases again at a later reporting date, DO & CO adjusts the carrying amount accordingly. In this case the amortised cost is the upper threshold for measurement purposes. Income from write-ups is recognised under Amortisation / depreciation and effects from impairment tests in the income statement. Reversals of the impairment of goodwill are not allowed under IFRS.

Financial assets

DO & CO recognises financial assets if the Company becomes a contracting party to the agreements on a financial instrument. Financial assets have to be derecognised if the rights to cash flows granted by them are phased out or if the asset is transferred effectively to a third party. Purchases and sales of financial assets at market prices are recognised or derecognised on the settlement day.

At the time of acquisition, DO & CO classifies financial assets in one of the following measurement categories: The classification depends on the type of the financial asset and the purpose for which the financial asset was acquired. It is reviewed at the end of every reporting period.

At the reporting date, DO & CO assigned financial assets to the following two classifications:

• Financial assets measured at amortised cost:

Financial assets are measured at amortised cost if the cash flows arising from the assets are solely payments of principal and interest, and if they are held within a business model whose objective is achieved by collecting contractual cash flows.

Financial assets measured at amortised cost are to be tested for impairment annually. Impairment is determined based on the impairment model of IFRS 9 which takes into account expected credit losses. For trade receivables and contract assets, lifetime expected credit losses are calculated. The model is described under Section 9.3. on the default risk. Impairment, interest income as well as exchange rate changes are recognised in the income statement. Gains or losses arising from the derecognition are recognised in profit or loss.

• Financial assets measured at fair value through profit or loss:

Financial assets are measured at fair value through profit or loss if the cash flows arising from the assets are not solely payments of principal and interest, or if the cash flows are solely payments of principal and interest and the assets are held within a business model whose objective is neither achieved by collecting contractual cash flows nor by collecting contractual cash flows and selling financial assets. Net gains and losses are recognised in profit or loss, including interest and dividend income. Investments and securities held to cover pensions and termination obligations, as well as derivative financial instruments with a positive market value were designated in this category.

Inventory

Inventories are stated at the lower of cost or net realisable value on the reporting date. DO & CO determines cost primarily by using the average price method. The net realisable value is the estimated selling price in the ordinary course of business, less estimated costs until completion and selling expenses still to be incurred.

Cash and cash equivalents

Cash and cash equivalents primarily comprise cash at banks and – to a minor extent – cash on hand and cheques. Foreign currency balances are translated using the exchange rate prevailing at the reporting date.

Shareholders' equity

Equity is the residual value of the Group's assets after deducting all its liabilities. Equity is reported in the consolidated statement of financial position showing equity attributable to the shareholders of the parent company and non-controlling interests under separate items.

In connection with a business combination, DO & CO entered into a forward transaction on the remaining shares held by other shareholders of the acquisition target. This transaction is presented in the consolidated financial statements as follows:

With the initial recognition of the business combination, the non-controlling interests were recorded in equity as a separate item. This item is subsequently adjusted for any changes in the net assets of the non-controlling interests (prorated allocation of profit or loss and distributions). Correspondingly, DO & CO recognised a non-current derivative financial liability with regard to the obligation resulting from the forward. The liability was recognised in equity and offset against a special item from transactions with non-controlling interests in equity. Based on the assumption that DO & CO acquires the current balance of the respective investment of the non-controlling interests, the Company derecognises the amount reported in equity for the non-controlling interests at the end of every reporting period. Differences between the derecognised equity amounts and the amounts at which the derivative financial liability is recognised and amortised are taken into account by DO & CO in accordance with the provisions on the presentation of transactions between shareholder groups as adjustment of the parent company's equity.

In the course of placing convertible bonds in January 2021, the amount of the total proceeds exceeding the fair value of the debt component was recognised in equity after consideration of income tax effects and transaction costs.

Employee benefits

DO & CO committed itself to grant employees post-employment benefits. The obligation is limited to a contribution to be paid to an external provider under defined contribution plans. DO & CO recognises this contribution as Personnel expenses in the income statement. Obligations not fulfilled at the reporting date are recognised as current liabilities.

With regard to defined benefit pension plans, DO & CO is under an obligation to provide the agreed benefits to employees after termination of employment. Employees whose employment is subject to Austrian law and commenced prior to 1 January 2003 are entitled to termination benefits after three years of uninterrupted employment in case employment is terminated by the employer or if employment was terminated for compelling reasons. The same holds true if the employee reaches the pensionable age after three years of uninterrupted employment with the company.

In this case, DO & CO bears the investment risk and the risk that higher expenses than expected may be incurred (actuarial risk). The amounts recognised under Non-current provisions on the liabilities side correspond to the present value of the vested amounts ("defined benefit obligation", DBO). They are calculated annually based on the ("projected unit credit method") and take into account annuities known at the reporting date and acquired pension entitlements, as well as estimated future increases in remuneration and pensions, taking into account the staff turnover rate depending on the years of service. The present value of the obligation is based on the return of the senior fixed-interest corporate bonds of the relevant currency area. In the business year 2022/2023 the benefits expected to be provided were calculated using a discount rate of 3.55% p.a. (PY: 1.59% p.a.) for the provision for severance payments and 3.55% (PY: 1.55%) for the provision for anniversary payments taking into account expected wage and salary increases of 2.50% p.a. (PY: 2.50% p.a.) and applying an expected pensionable age of 65 years for women and 65 years for men (PY: 65/65). In the first year, a valorisation of salaries and wages of 5.36% was assumed. The average maturities amount to 9 years for termination benefits and 9 years for anniversary bonuses.

Termination benefits from foreign companies were calculated on the basis of comparable methods and recognised on the liabilities side, unless defined benefit pension plans are in place. Termination benefits vis-à-vis employees in Turkish group companies are calculated using a discount rate of 10.82% p.a. (PY: 13.39%) and expected inflation-related wage and salary increases of 10.08% p.a. (PY: 9.22%). Under Turkish law, each employee is entitled to this benefit if his employment is terminated with no compelling cause after one year of employment, if he faces military conscription, if he passes away, as well as if a male employee has been with the company for 25 years upon retirement (20 years for female employees) and

reaches a pensionable age of 60 years (58 years for female employees). Management is of the opinion that defined benefit obligations do not result in extraordinary risks or risk concentrations. Any gains and losses resulting from adjustments of and changes in financial and demographic assumptions are recognised without affecting profit or loss in Other comprehensive income in the period in which they arise. Past-service costs are recognised under Personnel expenses in the income statement in the year in which they are incurred.

The measurement of other long-term employee benefits (most notably anniversary bonuses for employees employed with Austrian companies) is based on the principles outlined with regard to defined benefit obligation plans. The present values of these obligations calculated based on expert opinions take into account the annual staff turnover rate. In contrast to defined benefit obligations, actuarial gains and losses arising from other long-term employee benefits are not recognised in Other comprehensive income but are immediately recognised under Personnel expenses in the income statement having an effect on profit or loss.

Other provisions

DO & CO recognises provisions on the liabilities side when it has a present legal or constructive obligation as a result of past events that will probably lead to a future outflow of economic resources and the amount can be reliably estimated. The provision is measured on the basis of the best possible estimate of the expected future cash outflow. In the case of longer-term obligations, the estimated cash outflow is discounted. Reimbursement rights against third parties that are virtually certain to arise are taken into account at DO & CO with the recognition of a separate asset.

Financial liabilities

Primary financial liabilities are recognised on the liabilities side of the consolidated statement of financial position if DO & CO is under a contractual obligation to transfer cash or other financial assets to a third party. The liability is initially measured at its fair value and is subsequently measured at amortised cost, using the effective interest method. Financial liabilities are derecognised if they are settled, cancelled or expired. Any net gains or losses are recognised in profit or loss (including interest income calculated using the effective interest method, exchange rate gains or losses as well as impairment).

Financial liabilities are classified as current if the Group does not have the unconditional right to delay the settlement of the liability by at least twelve months after the reporting period. In all other cases they will be classified as non-current liabilities.

In March 2020, DO & CO took out unsecured loans in the amount of € 300m, € 150m of which have variable interest rates. DO & CO concluded an interest-rate swap for € 100m with a term of five years to hedge the interest rate risk relating to the variable interest loan taken out, and designated this hedging relationship as a cash flow hedge. The derivative is held for cash flow hedging purposes only. The risk management objective is to hedge the interest rate risk and to limit any associated fluctuations in cash flows. Measurement is based on the fair value and on calculations from external experts. Taking into account deferred taxes, changes in the fair value of the hedging instrument are recognised without affecting profit or loss in the cash flow hedge reserve in other comprehensive income. Any ineffective portions are to be recognised in the financial result. As of 31 March 2023, no ineffective portions exist that are to be recognised in profit or loss. If the hedge accounting is discontinued and if no further cash flows from the underlying transaction are expected to occur, the measured amount recognised in other comprehensive income is to be reclassified to profit or loss. Depending on the outcome of the

assessment, the derivative is either reported as financial asset or financial liability as at the reporting date.

Prior to the conclusion of the derivative transaction, there was a formal designation and documentation of the hedging relationship as well as the risk management objective and strategy in order to comply with the qualifying criteria for a cash flow hedge. DO & CO uses qualitative methods to measure the prospective effectiveness of the hedging relationship. At the date of designation, the effectiveness assessment was carried out by means of the critical terms match method. The significant contract terms such as nominal amount, term, interest rate benchmark, payment dates and currency of the underlying transaction correspond to those of the hedging instrument. With values generally moving in opposite directions, the requirement of an economic relationship between the underlying transaction and the hedging instrument is considered to be met. At a hedge ratio of 100 per cent, the hedging relationship corresponds to the risk management objective. The hedging relationship entered into by DO & CO meets the hedge effectiveness requirements under IFRS 9. The interest rate difference between the hedging transaction and the underlying transaction is accounted for as a correction to interest expenses.

Government grants

The DO & CO Group used various government grants relating to income particularly in the context of the COVID-19 crisis. Depending on the type of grant, they are either reported separately under other operating income or deducted from the related expense.

Impairments were set up for COVID-19 subsidies not yet paid out, since the payment is uncertain due to the change in the interpretation of the term "company group".

Loans granted for which, at the reporting date, there is already reasonable assurance that they will be forgiven but for which the related expenses have not yet been incurred are included as deferred income under other current liabilities.

Deferred taxes

Deferred tax assets are recognised on deductible temporary differences arising between the carrying amounts of assets and liabilities and their tax bases, on tax loss carry-forwards and tax credits, to the extent that it is probable that future taxable profit will be available. Deferred tax liabilities are recognised at DO & CO for taxable temporary differences arising between the carrying amounts and the tax bases of assets and liabilities. In both cases assumptions are made with regard to the estimated future tax effect that results from the reversal of temporary differences or from the use of the loss carry-forwards or from tax credits. The tax rate applicable at the reporting date serves as the basis to calculate deferred income tax. This tax rate, however, is only applied if no deviating tax rate has already been agreed upon with regard to the point in time when temporary differences are expected to reverse or a tax loss carry-forward or a tax credit is expected to be used.

Deferred taxes are recognised in the income statement as income or expense under Income tax. Deferred taxes on transactions having a direct impact on equity are excluded. These are recognised without effect on profit or loss.

Revenue recognition

DO & CO mainly generates revenue from contracts with customers in the context of catering, handling and infrastructure services, and presents them under revenue. Other income from operations is recognised in Other operating income.

Airline Catering

The transactions in Airline Catering are largely based on global framework contracts with the airlines. Additional local agreements with the same characteristics as the global framework contracts may be concluded at specific locations. In the framework contracts, DO & CO commits to supply food & beverages to the airlines and to perform handling services. Based on the framework contracts, airlines are able to request services depending on the season and demand, the framework contracts for which may partly have specific terms. These requests thus represent short-term transactions. Goods and services are offered at a fixed agreed price. If contractually agreed, rebates are taken into account as variable consideration in determining the transaction price pursuant to IFRS 15.50 et seq., and calculated based on the contractual agreement and the underlying volume data. Revenue is recognised as control is transferred – hence through the transfer of the physical control of the asset, the transfer of the significant risks and rewards and the transfer of the legal title to the asset, i.e. when the aircraft is loaded. Invoicing takes place periodically with payment terms usual in the industry.

International Event Catering

This segment includes both contracts with major customers as well as contracts with consumers as regards the provision of catering, infrastructure and planning services. Apart from fixed prices, contracts with major customers also include variable components. Revenue is recognised at the time of the event. Services in this segment are generally to be recognised over time. Since inputs used for the performance obligation are of minor significance, an output-based method is to be selected, if possible. IFRS 15 offers the "right to invoice" practical expedient according to which, under certain circumstances, those amounts of revenue may be recognised where there is a right to invoice. This is deemed to be satisfied in this regard. Major customers are issued the invoice after the event and usually settle the invoice within a quarter.

Restaurants, Lounges & Hotels

With regard to restaurants, hotels or airport gastronomy (shops at the airport), the contracting party pursuant to IFRS 15 is the respective visitor or consumer. The performance obligation may include food & beverages, accommodation, room service, cleaning services etc. The prices for meals, accommodation, various services are fixed. So far, revenue was recognised when the invoice was issued or when payment was affected at the cash desks.

With regard to lounges, contracts are concluded between the airlines or the airports and DO & CO. The customer is considered the airport or the airline as the services are rendered to the ordering party. DO & CO is solely commissioned for the operation and supply of food & beverages. Goods and services are mainly offered at a fixed agreed price in framework contracts. As regards contracts on the operation of staff restaurants, more than one group of customers was identified. On the one hand, those companies that commission DO & CO with a staff restaurant are to be considered as customers. In addition, the staff members working for the companies are to be regarded as customers, too, in case they consume and also pay for meals at the restaurants. DO & CO provides the staff, infrastructure and the DO & CO products. The transaction prices are generally fixed and may only differ depending on the location. Revenue is recognised upon payment by the dining guest or when the invoice is issued to the customer under subsidised models.

The Airline Catering, International Event Catering and Restaurants, Lounges & Hotels divisions are not significantly affected by the separation of performance obligations. Contrary to the Airline Catering and Restaurant, Lounges & Hotels divisions, more than one performance obligation was identified in the International Event Catering division: (1.) catering services, and (2.) infrastructure services.

DO & CO recognises interest income using the effective interest method. Dividends are recognised when the title to them has been legally accrued.

Earnings per share

Basic earnings per share reported in the income statement are calculated by dividing profit or loss attributable to the shareholders of DO & CO by the weighted average number of ordinary shares issued during the business year.

Diluted earnings per share are calculated by adding the weighted average potential shares to the average number of shares issued. It is assumed that the convertible bonds are changed to shares and the net gain is adjusted for interest expenses and tax effect.

4.4. Significant discretionary decisions and estimates

The preparation of the consolidated financial statements is based on discretionary decisions and estimates as well as assumptions made by DO & CO that affect the accounting of assets and liabilities, the presentation of income and expenses and the relevant disclosures including the disclosure of contingent liabilities. These discretionary decisions and estimates may have a material impact on DO & CO's financial situation and performance. A potential deviation from assumptions made may result in material adjustments to the carrying amounts of the relevant assets and liabilities within the subsequent business year.

Significant estimates and assumptions as well as uncertainties relating to the selected accounting policies are particularly made with regard to the following. In addition, reference is made to the notes to the respective items.

• A material assessment relates to the accounting treatment of a forward for the acquisition of non-controlling interests. On the basis of the agreement, DO & CO considers the current state of the investments of non-controlling interests at each reporting date to have been acquired (see also the comments on Shareholders' equity in Section 5.10.). This treatment of non-controlling interests has an influence on the equity structure.
• For the purpose of the subsequent measurement, estimates and assumptions have to be made to determine amortisation and depreciation – particularly to determine the useful lives, the methods of depreciation and amortisation, and the residual values – of intangible assets, property, plant and equipment and investment property subject to amortisation and depreciation. These estimates are based on historical experience and assessments of the management.
• In determining the lease terms, management considers all facts and circumstances that create an economic incentive to exercise options to extend the lease, or not to exercise options to terminate the lease. They are only included in the lease term if it is reasonably certain that they will be exercised or not exercised.
• Mandatory and event-triggered impairment tests of non-current assets require measurements and estimates in several respects. In particular, such measurements and estimates include the identification of internal and external evidence indicating potential impairment. In this regard, management particularly takes into account changes in current competitive conditions, significant deviations from the expected results, the loss of a key customer, suspension of services, detrimental developments of the political and economic environment as well as significant changes in exchange rate parities and interest rate levels. As far as investments in associates and joint ventures are concerned, management measures the existence of impairment by using criteria which indicate possible economic difficulties of the companies. Uncertainties associated with this test concern the timing of the recognition of an impairment. The calculation of the recoverable amounts of the individual objects to be measured is also based on estimates and assumptions. To the extent that these are based on present value calculations, DO & CO assesses the estimated cash inflows and outflows based on approved financial plans for a five-year detailed planning period and a depreciation or amortisation period corresponding to the probable useful life of the object to be measured. If, after five years, there is no steady state for individual objects to be measured, the detailed planning period is prolonged by an general planning phase. The cash flow estimate is based on the Company's ability to continue as a going concern and relies on planning taking into account experiences and assumptions with regard to

the macro-economic environment and developments of the respective industry. Remaining uncertainties are taken into account appropriately. The interest rates used to determine the present value are based on the weighted average costs of capital of the objects to be measured.

• Post-employment benefits are measured based on actuarial principles which require in particular assumptions on discount rates, estimated remuneration and pension trends, turnover rates and mortality. To calculate appropriate country-specific discount rates, DO & CO uses the return on senior industrial bonds (or the return on government bonds in the case of Turkey) with a similar term to maturity as the corresponding liability to be measured. Estimates on the mortality risk are based on publicly available, countryspecific reference guidelines. The remuneration and pension increases taken into account rely on estimated country-specific inflation rates as well as operational experience. Defined benefit obligations are highly sensitive to changes in these assumptions. The future development may indeed deviate from the estimates included in the measurement owing to changing market, economic and social conditions. Amounts reported are mainly based on expert opinions. The underlying assumptions are reviewed by DO & CO on an annual basis.
• Estimation uncertainties exist with regard to the recognition and measurement of other provisions. These uncertainties relate to the question if such obligations exist and when they arise, as well as to the question of the amount of the outflow potentially required to settle the uncertain liabilities.
• Accounting of deferred taxes requires an estimate with regard to the extent to which it is probable that the relating future tax benefit can be realised. This requires a prognosis as to the extent that it is probable that taxable profits will be available to make use of tax reducing effects. This prognosis has to take into account the effects from the reversal of taxable temporary differences, budgeted operating results as well as tax planning opportunities. The future tax result and the point of time when deferred tax assets may be realised have to be estimated.

Management reviews the estimates and assumptions made at every reporting date. Amounts recognised are regularly adjusted in the current reporting period through profit or loss if changes occur. Transactions immediately recognised in equity are exempt.

5. Comments on the Consolidated Statement of Financial Position

5.1. Intangible assets

Intangible assets comprise goodwill, the Hédiard brand and acquired rights and licenses in such rights. The rights and licences particularly include customer agreements, trademark titles, and rights of use and software licenses. With the exception of goodwill and the Hédiard brand, all intangible assets have definite useful lives.

Hédiard is a brand already established in 1845 with a high degree of brand recognition in France. Due to this high degree of brand recognition and the brand's long history, an indefinite useful life can be assumed.

The development of intangible assets in the business year compared to the previous year is presented below:

in m€	Goodwill	Rights and contracts with customers	Trademark Hédiard	Total
Cost at 31 March 2022	26.72	51.51	9.94	88.17
Currency translation	-0.71	-0.35	0.00	-1.06
Effects from Hyperinflation	15.35	9.25	0.00	24.60
Additions	0.00	0.58	0.00	0.58
Disposals	0.00	-1.02	0.00	-1.02
Reclassifications	0.00	-0.01	0.00	-0.01
At 31 March 2023	41.36	59.95	9.94	111.25
Accumulated depreciation and impairment losses at 31 March 2022	12.80	43.94	4.94	61.68
Currency translation	-0.71	-0.30	0.00	-1.01
Effects from Hyperinflation	15.35	9.27	0.00	24.62
Additions (amortisation)	0.00	2.30	0.00	2.30
Disposals	0.00	-0.96	0.00	-0.96
Reclassifications	0.00	-0.08	0.00	-0.08
At 31 March 2023	27.43	54.17	4.94	86.55
Carrying amounts at 31 March 2023	13.92	5.78	5.00	24.70

in m€	Goodwill	Rights and contracts with customers	Trademark Hédiard	Total
Cost at 31 March 2021	28.86	52.33	9.94	91.12
Currency translation	-2.14	-0.16	0.00	-2.29
Additions	0.00	0.39	0.00	0.39
Disposals	0.00	-1.11	0.00	-1.11
Reclassifications	0.00	0.05	0.00	0.05
At 31 March 2022	26.72	51.51	9.94	88.17
Accumulated depreciation and impairment losses at 31 March 2021	14.94	42.82	4.94	62.71
Currency translation	-2.14	-0.12	0.00	-2.26
Additions (amortisation)	0.00	2.40	0.00	2.40
Additions (impairment)	0.00	0.10	0.00	0.10
Disposals	0.00	-1.19	0.00	-1.19
Reclassifications	0.00	-0.08	0.00	-0.08
At 31 March 2022	12.80	43.94	4.94	61.68
Carrying amounts at 31 March 2022	13.92	7.57	5.00	26.49

Customer contracts acquired in the course of business acquisitions were capitalised at the fair value applicable at the acquisition date and amortised on a straight-line basis over their estimated useful lives of up to 17 years. The residual term is 7 or 1 years respectively. They are recognised at a carrying amount of € 3.70m (PY: € 4.87m) under the item intangible assets.

Goodwill is tested annually for impairment using the DCF method. For the purpose of impairment testing, DO & CO allocates goodwill to cash-generating units that are expected to benefit from the synergies of the respective business combination. For comparison purposes, DO & CO calculates the value of use of cash-generating units in addition to the carrying amount.

The table below presents an overview of goodwill to be tested annually for impairment and the material assumptions made in regard to the relevant impairment tests.

Cash-generating unit	Airline Catering Austria	Airline Catering DO & CO Poland	Arena One Allianz Arena	Oleander Group AG / Lasting Impressions
Segment	Airline Catering	Airline Catering	International Event Catering	Airline Catering
Carrying amount of goodwill in m€	4.06	1.13	7.76	0.98
Deadline for the annual impairment test	28th February	28th February	31st December	28th February
Length of detailed planning period in years	5	5	8	5
Cash flow growth after detailed resp. general planning period in %	1.9 %	2.8 %	2.1 %	1.9 %
Pre-tax discount rate**	8.99 %	11.67 %	10,74 - 13,11 %	9.42 %
After-tax discount rate**	7.19 %	9.67 %	7,98 - 8,09 %	7.65 %
Approach	value in use	value in use	value in use	value in use

Airline Catering:

Cash flow projections used to determine the value in use are generally based on forecasts which, in turn, are based on financial plans approved by management. For the preparation of financial plans for the Airline Catering division, the Group made assumptions based on externally available forecasts on the development of the airline industry (e.g. IATA "Outlook for the global airline industry"). The development of the airline industry for the planning period is derived from these forecasts. The non-occurrence of these assumptions may require an impairment loss in the next business years. The planning period for the cash-generating unit Airline Catering Austria was extended beyond the detailed planning phase of five years due to an underlying contract term. No impairment would have to be recorded in the course of the impairment test for DO & CO's Airline Catering division. The non-occurrence of these planning assumptions may require an impairment loss in the next business years.

The growth assumptions used for impairment testing are based on adapted past experiences. They also take into account assumptions with regard to the loyalty of major customers and the expected developments in the relevant markets. The development of the cost structure also reflects past experiences, measures implemented to improve efficiency and expected developments of the individual cost factors. In order to continue cash flow forecasts beyond the detailed planning period and the general planning period DO & CO takes into account growth rates that are particularly based on forecast inflation rates of the respective local market environment. External sources were used to predict the inflation rates.

International Event Catering

Cash flow projections used to determine the value in use are generally based on forecasts which, in turn, are based on financial plans approved by management. For the preparation of financial plans for the International Event Catering division, the Group made assumptions based on customer forecasts. The development for the planning period is derived from these forecasts. To the extent that the stable business outlook necessary for calculating the perpetual annuity is not guaranteed at the end of the detailed planning period, DO & CO includes a general planning phase in this planning. The extension of the detailed planning period at Arena One Allianz Arena is due to the underlying term of the contract. An additional scenario was calculated which does not provide for an extension of the existing contract after the contract term. These two scenarios were weighted based on management's assumptions. No impairment would have to be recorded in the course of the impairment test for Arena One Allianz Arena. The non-occurrence of these planning assumptions may require an impairment loss in the next business years.

The growth assumptions used for impairment testing are based on adapted past experiences. The development of the cost structure also reflects past experiences, measures implemented to improve efficiency and expected developments of the individual cost factors. In order to continue cash flow forecasts beyond the detailed planning period and the general planning period DO & CO takes into account growth rates that are particularly based on forecast inflation rates of the respective local market environment. External sources were used to predict the inflation rates.

Restaurants, Lounges & Hotels

Due to the termination of the lease agreement for the property at Place de la Madeleine, noncurrent assets of Hédiard now mainly relate to the Hédiard brand. This intangible asset with an indefinite useful life was subjected to an impairment test at asset level. The recoverable amount was determined based on the value in use.

The value in use was determined using the DCF method and is based on revenue forecasts for a period of five years and income from the licensing of the brand resulting therefrom. Arm's length royalty rates amounting to 2.0% were used in this regard.

Based on these revenue forecasts, a baseline scenario was calculated.

In order to continue cash flow forecasts for perpetual annuity, a growth rate in the amount of 2.0% was taken into account, derived from the expected inflation rate of the local market environment. External sources were used to predict the inflation rate.

The discounting of cash flows was based on weighted costs of capital of 7.98%. The calculation of weighted costs of capital is based on external sources.

The sensitivity analyses carried out showed that the recoverable amounts as of 31 March 2023 of the cash-generating units to which goodwill was allocated and which were tested for impairment would have exceeded the respective carrying amounts even if the discount rate had increased increased by 0.5 percentage points. The same holds true if the growth rates applied to perpetual annuity had decreased by 0.5 percentage points.

5.2. Property, plant and equipment

The table below presents an overview of the development of property, plant and equipment in the reporting period and the comparative period:

in m€	Land and buildings including buildings on third party land	Plant and machinery	Other equipment and office equipment	Payments in advance and assets in course of construction	Total
Cost
at 31 March 2022	443.64	39.21	143.77	7.48	634.10
Currency translation	-10.15	-1.56	-4.15	-0.77	-16.63
Effects from Hyperinflation	28.87	14.08	38.94	0.07	81.96
Additions	36.46	5.33	12.71	21.58	76.07
Disposals	-10.24	-0.94	-1.44	-1.41	-14.03
Reclassifications	-0.37	0.55	-1.87	-3.13	-4.83
At 31 March 2023	488.21	56.66	187.96	23.81	756.64
Accumulated depreciation and impairment losses at 31 March 2022	143.30	30.79	91.99	0.36	266.45
Currency translation	-5.27	-1.09	-5.18	-0.04	-11.58
Effects from Hyperinflation	22.50	10.10	33.07	0.13	65.80
Additions (depreciation)	32.71	3.99	14.77	0.00	51.46
Additions (impairment)	0.04	0.01	0.01	0.01	0.06
Disposals	-6.54	-0.90	-1.13	0.00	-8.57
At 31 March 2023	186.73	42.89	133.54	0.47	363.63
Carrying amounts at 31 March 2023	301.48	13.78	54.41	23.35	393.01

in m€	Land and buildings including buildings on third party land	Plant and machinery	Other equipment and office equipment	Payments in advance and assets in course of construction	Total
Cost at 31 March 2021	457.87	41.48	146.67	15.57	661.58
Currency translation	-8.05	-2.99	-7.87	-0.12	-19.05
Additions	16.64	0.90	5.89	4.89	28.32
Disposals	-27.12	-0.34	-3.43	-7.05	-37.93
Reclassifications	4.29	0.16	2.52	-5.80	1.17
At 31 March 2022	443.64	39.21	143.77	7.48	634.10
Accumulated depreciation and impairment losses at 31 March 2021	121.54	29.84	88.46	6.87	246.71
Currency translation	-4.37	-1.76	-5.87	-0.09	-12.08
Additions (depreciation)	29.41	3.02	12.75	0.02	45.20
Additions (impairment)	3.40	0.02	0.00	0.00	3.42
Appreciation	0.00	-0.02	-0.33	0.00	-0.35
Disposals	-6.68	-0.32	-3.02	-6.44	-16.46
At 31 March 2022	143.30	30.79	91.99	0.36	266.45
Carrying amounts at 31 March 2022	300.33	8.42	51.77	7.12	367.65

Property, plant and equipment includes right-of-use assets amounting to € 165.23m (PY € 154.06m) which relate to leases that do not meet the definition of an investment property.

5.3. Investments accounted for using the equity method

Investments in joint ventures relate to strategic partnerships in the Airline Catering division.

Investments accounted for using the equity method have developed as follows in the current and the previous business year:

in m€	Business Year 2022/2023		Business Year 2021/2022
	Associated companies	Joint ventures	Associated companies	Joint ventures
As of 1 April	0.61	1.03	0.63	0.34
Attributable net result	0.20	1.67	0.15	0.69
Removal from the Scope of Consolidation	-0.81	0.00	0.00	0.00
Currency translation	0.00	-0.12	0.00	0.00
Shares of other comprehensive income	0.00	-0.04	0.00	0.00
Attributable dividend payment	0.00	0.00	-0.18	0.00
As of 31 March	0.00	2.54	0.61	1.03

The change of the attributable net result with regard to joint ventures compared to the same period in the previous year is due to the investments Sharp DO & CO Korea LLC (€ 1.63m / PY: € 0.69m).

The attributable net result equals the attributable result from continuing operations of the entities.

The carrying amounts of the investments accounted for using the equity method reported in the consolidated financial statements with regard to joint ventures and associates are shown in the table below:

in m€	31 March 2023		31 March 2022
	Associated companies	Joint ventures	Associated companies	Joint ventures
Carrying amounts	0.00	2.54	0.61	1.03
Shares of other comprehensive income	0.00	-0.04	0.00	0.00

5.4. Other financial assets

Impairment of other financial assets (current) has developed as follows in the business year:

	Business Year	Business Year
in m€	2022/2023	2021/2022
As of 1 April	0.00	0.00
Allocation	3.44	0.00
As of 31 March	3.44	0.00

Section 9.3. provides additional information on these financial assets.

5.5. Inventories

DO & CO's inventories break down as follows at the reporting dates:

in m€	31 March 2023	31 March 2022
Raw materials and supplies	24.82	13.94
Goods	20.48	12.59
Total	45.30	26.53

As goods are for the most part directly resold to the customer, impairment is usually only to be recognised to a minor extent at the end of the reporting period. The same holds true for raw materials and supplies that have a short turnover period.

5.6. Trade receivables

Trade receivables have a remaining period of a maximum of 12 months after the reporting period. With regard to impairment of trade receivables, creditworthiness is assessed on an ongoing basis. Default is principally defined on the basis of generally accepted rating classes as well as the credit standing which is externally available or internally defined. In addition, further internally available information is used to assess the default risk.

The development of trade receivables is as follows:

in m€	31 March 2023	31 March 2022
Trade receivables	168.58	95.84
Impairments	-2.73	-3.48
Trade receivables (net)	165.85	92.36

The following risk concentrations exist with regard to trade receivables: As of 31 March 2023, trade receivables from two customers amount to € 31.69m and € 12.96m (PY: € 13.00m and € 11.50m), of which € 2.91m and € 7.52m (PY: € 2.90m and € 7.17m) were still outstanding in mid-May 2023. No evidence exists that these receivables are uncollectible.

Of the total amount of trade receivables as of 31 March 2023, € 127.63m (PY: € 75.12m) are neither impaired nor past due.

Impairments of trade receivables mainly relate to receivables more than 80 days past due and has developed as follows:

	Business Year	Business Year
in m€	2022/2023	2021/2022
As of 1 April	3.48	6.26
Allocation	0.13	0.85
Reclassification/ FX effects	-0.12	-0.09
Consumption	-0.08	-1.29
Release	-0.69	-2.25
As of 31 March	2.73	3.48

Impairment for expected credit losses in the amount of € 2.73m (PY: € 3.48m) was recognised as of 31 March 2023.

As of 31 March 2023 and 31 March 2022, trade receivables have the following past due periods after impairment:

in m€	31 March 2023	31 March 2022
not past due	127.63	75.12
up to 20 days past due	11.83	9.00
21 to 40 days past due	11.88	1.91
41 to 80 days past due	6.38	1.25
more than 80 days past due	8.13	5.08
Total	165.85	92.36

5.7. Other non-financial assets (current)

Other non-financial assets (current) include the following assets:

in m€	31 March 2023	31 March 2022
Prepaid expenses	10.42	6.50
VAT receivables	24.42	18.04
Other receivables	1.60	0.92
Contract Assets	0.00	9.13
Other current non-financial assets	36.44	34.59

Further disclosures on contract assets are included in Section 6.1.

Impairment of other non-financial assets (current) has developed as follows in the business year:

	Business Year	Business Year
in m€	2022/2023	2021/2022
As of 1 April	0.09	0.27
Allocation	0.56	0.04
Release	0.00	-0.21
As of 31 March	0.65	0.09

5.8. Cash and cash equivalents

Cash and cash equivalents include cash on hand, cash in transit and cash at banks. They are recognised at the most recent amount at the reporting date. € 235.16m (PY: € 207.63m) was recognised in the statement of financial position at the reporting date.

Cash and cash equivalents include foreign currencies, such as:

31 March 2023	in foreign currency	in m€
mEUR	94.66	94.66
mUSD	78.72	72.39
mTRY	702.50	33.67
mUAH	18.02	0.45
mGBP	24.87	28.29
mPLN	18.78	4.02
Other		1.68
Cash and cash equivalents		235.16

31 March 2022	in foreign currency	in m€
mEUR	110.52	110.52
mUSD	69.74	62.83
mTRY	224.49	13.79
mUAH	48.11	1.48
mGBP	13.06	15.44
mPLN	12.22	2.63
Other		0.95
Cash and cash equivalents		207.63

With regard to cash and cash equivalents in Ukrainian hryvnia (UAH), there are payment restrictions for foreign currency payments from the Group perspective due to the impact of the war in Ukraine.

5.9. Assets held for sale / liabilities directly attributed to assets held for sale

In the second quarter of the business year 2018/2019, the Management Board of DO & CO Aktiengesellschaft took the decision to pursue the disposal of Turkish DO & CO's hotel on the Bosporus, which is under construction, to Turkish Airlines. These assets or liabilities are accordingly classified as "assets held for sale" and "liabilities directly attributed to assets held for sale" in the consolidated statement of financial position as of 30 September 2018 and reclassified at the carrying amount. As in the previous year, a right-of-use asset regarding a lease contract on a hotel in the amount of € 5.90m relating to leases was reclassified to this item. Along with other contracts of the transaction, the contract on the sale of the hotel was submitted for approval to the competition authority which approved all contracts on 29 April 2021. Closing of the transaction is being prepared with the exact date yet to be determined.

As at 31 March 2023, this position also includes the carrying amount of the property in Poland which, for the first time, was classified as held for sale in the business year 2020/2021. Due to changes in circumstances, the sale has not yet been realised in the business year 2022/2023.

Assets held for sale are to be allocated to the Airline Catering division and the Restaurants, Lounges & Hotels division.

5.10. Shareholders' equity

The share of DO & CO has been listed in the prime market of the Vienna Stock Exchange since March 2007 and at the Istanbul Stock Exchange since December 2010.

As of 31 March 2023, 67.62% of the shares are in free float. The remaining share is held by the private foundation Attila Dogudan Privatstiftung (32.38%). The share of Attila Dogudan Privatstiftung includes a stake of 1.59% provided for management and staff participation.

The nominal capital of DO & CO amounts to € 19.90m (PY: € 19.49m) at the end of the reporting period. 9,949,872 (PY: 9,744,000) fully paid in no-par value shares are issued. Each share grants one vote. The increase compared to the previous year results from conversion of convertible bonds.

The capital reserve stands at € 85.20m as of the reporting date (PY: € 70.51m). The increase is presented in the statement of changes in equity and results from conversion of convertible bonds in the business year 2022/2023. The residual balance includes amounts from past capital increases that were made in excess of the nominal capital less capital procurement costs, net of tax.

The accumulated remaining equity includes the currency translation reserve, the differences from the translation of financial statements prepared in foreign currencies that were recognised directly in equity in the business year under review and in previous years, as well as net investment effects, net of income tax, actuarial gains and losses from defined benefit plans, net of income tax, as well as the cash flow hedge reserve, net of income tax as well as adjustments from hyperinflation pursuant to IAS 29.

The special item from transactions with non-controlling interests recognised within equity results from the acquisition of 51% of the shares and voting rights in DO AND CO KYIV LLC. As the Company simultaneously undertook to purchase the 49% of the shares held by the other shareholders at a later point in time, a liability had to be recognised in the amount of the present value of the purchase price obligation. This liability was initially recognised directly in equity by offsetting the liability against the special item reported in equity, with the item noncontrolling interests not having been derecognised. Based on the assumption that DO & CO acquires the current balance of the respective investment of non-controlling interests, the Company derecognises the amount reported in equity for non-controlling interests at the end of every reporting period. Differences between the derecognised equity amounts and the amounts at which the derivative financial liability is recognised and subsequently accounted for, are taken into account at DO & CO in accordance with the provisions on the presentation of transactions between shareholder groups by adjusting the special item.

The Management Board was authorised in the course of the General Meeting of Shareholders dated 12 July 2018 to increase the share capital from the current nominal amount of € 19,488,000 by up to a further € 2,000,000 through the issuance of up to 1,000,000 new no-par value bearer shares. After the respective increase(s), this corresponds to a proportion of share capital of up to (rounded) 9.31%.

In the General Meeting of Shareholders dated 18 July 2019, the Management Board was authorised to acquire own shares (on exchange/off exchange) up to a maximum amount of 10% of the nominal capital, even under the exclusion of the right to sell on a pro rata basis which may be associated with such an acquisition (exclusion of reverse subscription rights). Moreover, the Management Board was authorised to resolve on the disposal or use of own shares by means other than sale through the stock exchange or by means of a public offer, applying the provisions on the exclusion of subscription rights of shareholders by analogy, as well as to decrease the share capital by withdrawing these own shares without further resolution of the General Meeting of Shareholders. This authorisation expired on 17 January 2022.

For a duration of five years starting as of 27 August 2020, the Management Board is authorised, in accordance with Section 169 AktG, subject to approval of the Supervisory Board, to increase the share capital from the current nominal amount of € 19,488,000 by up to a further € 1,948,800 through the issuance of up to 974,400 new no-par value bearer shares in exchange for cash or non-cash contribution – in several tranches if need be.

In the Extraordinary General Meeting of Shareholders dated 15 January 2021, the Management Board was authorised to place convertible bonds with an aggregate principal amount of up to € 100,000,000 under exclusion of the subscription right. On 21 January 2021, the convertible bonds were placed utilising the total possible nominal amount.

In this General Meeting of Shareholders, a conditional increase of the share capital of up to € 2,700,000 through the issuance of up to 1,350,000 new no-par value bearer shares for issuing to creditors of convertible bonds was also resolved on.

The amount recognised for other equity instruments corresponds to the amount of the conversion rights arising from the convertible bonds placed. For further information, reference is made to Section 4.11. (Convertible bonds).

The shares of other shareholders include the direct non-controlling interests in the equity of the fully consolidated THY DO & CO İkram Hizmetleri A.Ş. amounting to 50%, the fully consolidated Lasting Impressions Food Company Ltd amounting to 10% and the fully consolidated DO & CO Netherlands Holding B.V. amounting to 49%. Moreover, this item included the non-controlling interests in DO & CO im PLATINUM Restaurantbetriebs GmbH amounting to 10%.

The influence exercised by non-controlling interests (NCI) with a significant investment in subsidiaries on the activities and the cash flow of the entities is presented in the tables below.

				31 March 2023			31 March 2022
Subsidiary		Place of business	Voting rights	Net Result NCI in m€	Carrying amount NCI in m€	Net Result NCI in m€	Carrying amount NCI in m€
THY DO & CO Ikram Hizmetleri A.S.		Türkiye	50 %	3.20	27.48	5.38	22.02
				Business Year 2022/2023
in m€				Income statement - result
Subsidiary	Revenue	Expenses	Parent	NCI	Total	Other comprehensive income	Dividends to NCI
THY DO & CO Ikram Hizmetleri A.S.	369.81	363.42		3.20 3.20	6.39	-9.50	3.12
				Business Year 2021/2022
in m€				Income statement - result
Subsidiary	Revenue	Expenses	Parent	NCI	Total	Other comprehensive income	Dividends to NCI
THY DO & CO Ikram Hizmetleri A.S.	168.28	157.51		5.38 5.38	10.77	-16.12	0.00

	31 March 2023
in m€	Assets		Liabilities		Equity
Subsidiary	Current	Non-current	Current	Non-current	Parent	Other shareholders
THY DO & CO Ikram Hizmetleri A.S.	128.45	32.17	82.63	23.03	27.48	27.48
			31 March 2022
in m€	Assets		Liabilities		Equity
Subsidiary	Current	Non-current	Current	Non-current	Parent	Other shareholders
THY DO & CO Ikram Hizmetleri A.S.	84.56	17.87	40.34	18.05	22.02	22.02
			31 March 2023
in m€			Cash flows
Subsidiary	Cash flow from operating activity (net cash flow)		Cash flow from investing activities	Cash flow from financing activities		Net increase/decrease in cash and cash equivalents
THY DO & CO Ikram Hizmetleri A.S.		30.78	-2.25	-7.35		21.18
	31 March 2022
in m€			Cash flows
Subsidiary	Cash flow from operating activity (net cash flow)		Cash flow from investing activities	Cash flow from financing activities		Net increase/decrease in cash and cash equivalents
THY DO & CO Ikram Hizmetleri A.S.		16.63	-3.36	-1.15		12.12

Due to legal requirements, the fully consolidated subsidiary THY DO & CO Ikram Hizmetleri A.S. has a deviating reporting date (31 December).

5.11. Convertible Bond

On 21 January 2021, DO & CO Aktiengesellschaft placed 1,000 convertible bonds at an aggregate principal amount of € 100m with a term of five years and a coupon of 1.75%. At the option of the holder, these bonds may be converted to ordinary shares of the Company. At the currently applicable conversion price of € 80.63, each convertible bond may be exchanged for 1,240 ordinary shares. Based on a reference price of € 60.85, the conversion premium thus amounts to 32.5%. The conversion price is adjusted in the case of equity restructuring or dividend payments.

During the business year 2022/2023 there were six conversion dates, on which bonds in the amount of € 16.6m were converted to shares. The new share capital was increased by € 0.41m as a result of conversions. The capital reserve also increased by € 14.70m. The residual value of bonds in amount of € 665 that could not be converted to shares, was paid out in cash.

The liability arising from the convertible bond reported in the statement of financial position was reduced to € 76.30m (PY: € 88.76m).

5.12. Other financial liabilities (non-current)

in m€	31 March 2023	31 March 2022
Loans	243.21	260.76
Lease liability	148.55	138.37
Other non-current financial liabilities	391.77	399.13

At the reporting date, other non-current financial liabilities include the loans in the amount of € 242.02m (PY: € 257.97m) taken out in the fourth quarter of the business year 2019/2020 as well as long-term lease liabilities.

Section 9.3. provides additional information on these financial assets.

5.13. Non-current provisions

The breakdown of non-current provisions arising from employment contracts are as follows at the end of the reporting period:

in m€	31 March 2023	31 March 2022
Provisions for severance payments DBO	17.30	11.75
Provisions for long-service anniversary payments DBO	2.28	2.75
Provisions for pension payments DBO	0.14	0.10
Other provisions	5.62	4.81
Total	25.35	19.41

€ 7.01m (PY: € 2.05m) of the total amount of non-current provisions is due in the short term.

Other provisions pertain to remuneration components which are deferred until the business year 2023/2024. The amount of € 2.32m was set up in the business year 2020/2021. In the business year 2021/2022 and 2022/2023, an addition was made in the amount of € 0.80m. Moreover, other provisions include a decommissioning obligation amounting to € 1.60m.

The projected unit credits of the defined benefit obligations and the anniversary bonuses have developed as follows in the business year 2022/2023:

		Termination Pensions benefits			Anniversary bonuses
in m€	2022/2023	2021/2022	2022/2023	2021/2022	2022/2023	2021/2022
Present value of obligations (DBO) on 1 April	11.75	12.10	0.10	0.10	2.75	2.84
Currency changes	-1.40	-3.38	0.00	0.00	0.00	0.00
Current service cost1	2.04	0.94	0.01	0.01	0.19	0.19
Interest cost	0.97	0.70	0.01	0.00	0.04	0.01
Benefit payments	-6.78	-1.79	-0.01	-0.01	-0.22	-0.26
Actuarial gains and losses2	10.72	3.17	0.04	0.00	-0.48	-0.04
thereof arising from expierence based adjustments	0.17	0.11	0.00	0.00	-0.04	-0.05
thereof arising from changes in financial assumptions	10.56	3.08	0.00	0.00	-0.37	-0.14
thereof arising from changes in demographic assumptions	0.00	0.00	0.00	0.00	-0.07	0.15
Present value of obligations (DBO) on 31 March	17.30	11.75	0.14	0.10	2.28	2.75

1... These items are included in the Personnel expenses

2... This item is for long-service anniversary included in the Personnel expenses

The actual development of the obligations may deviate from the estimates included in the measurement owing to changing market, economic and social conditions. The above table presents the resulting value adjustments and the changes in these estimates as actuarial gains and losses.

DO & CO recognises actuarial gains and losses with regard to provisions for termination benefits and pensions in the business year in which they originate in the consolidated statement of comprehensive income (without effect on income) under Revaluation IAS 19. With regard to anniversary bonuses, the revalued obligations are directly recognised under Personnel expenses in the income statement. The interest expense resulting from the compounding of personnel provisions is reported in the Financial result.

The breakdown of expenses from termination benefits and pensions is shown below. These expenses are reported in the relevant income statement items presented:

	Income statement	Termination benefits		Pensions
in m€	position	2022/2023	2021/2022	2022/2023	2021/2022
Current service cost	Personnel expenses	2.04	0.94	0.01	0.01
Interest cost	Financial expenses	0.97	0.70	0.01	0.00
Total		3.01	1.64	0.01	0.01

5.14. Income tax

Effective income tax receivables result from tax advances. Income tax receivables for which a legally enforceable right to offset against income tax liabilities exists, were offset.

Deferred taxes as of 31 March 2023 result from temporary differences arising between the carrying amounts and the tax bases of assets and liabilities as well as tax loss carry-forwards. Deferred taxes primarily result from the following:

	31 March 2023		31 March 2022
in m€	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities
Intangible assets	2.16	-1.42	2.46	-1.75
Property, plant and equipment and investments	2.16	-60.46	2.27	-50.90
Inventories	0.03	-1.50	0.04	-0.58
Current financial assets and other current assets	3.47	-8.19	0.54	-4.05
Provisions	5.63	-1.34	3.76	-1.47
Liabilities	54.26	-1.70	39.84	-0.48
Total temporary differences	67.70	-74.61	48.91	-59.23
Tax losses carried forward	21.08		22.37
Valuation discount for deferred tax assets	-0.94		-1.03
Offsetting of differences with the same tax authorities	-64.53	64.53	-53.53	53.53
Total	23.31	-10.08	16.71	-5.70

In the business year 2022/2023 a tax income of € 0.83m (PY: € -1.75m) was recognised in other comprehensive income arising from the revaluation of provisions for pensions and termination benefits and net investments as well as for the cash flow hedge. The carrying amount of the reserve recognised in other comprehensive income amounts to € 1.47m (PY: € 0.64m). The carrying amount of the non-controlling interests was € 2.07m (PY: € 0.94m).

Loss carry-forwards capitalised and not capitalised as well as the ability to carry forward losses that were not capitalised are presented in the table below:

in m€	31 March 2023	31 March 2022
Loss carry-forwards – capitalised	81.40	88.32
Loss carry-forwards – not capitalised	185.85	169.71
of which loss carry-forwards forfeitable in one year	0.00	0.00
of which loss carry-forwards forfeitable between two and five years	0.00	0.00
of which loss carry-forwards forfeitable in more than five years (excluding non-forfeitable loss carry-forwards)	0.00	0.00
Non-forfeitable loss carry-forwards	185.85	169.71
Total unused loss carry-forwards	267.26	268.79

In the business year, DO & CO recognised deferred taxes in the amount of € 2.09m (PY: € 3.37m) for loss carry-forwards previously not taken into account. For tax loss carryforwards in the amount of € 185.85m (PY: € 169.71m) no deferred tax assets were recognised since the realisation of potential tax benefits within the planning period is not sufficiently secured. Out of the loss carry-forwards capitalised in the previous year, deferred tax assets in the amount of € 0.00m (PY: € 0.35m) were subject to valuation discounts.

The accounting for deferred tax assets (not covered by deferred tax liabilities) on temporary differences and loss carry-forwards requires additional substantial indications that taxable results can be used for the anticipated tax relief in the subsequent five years. The future positive taxable results in accordance with the forecasts approved by the Management Board generally serve as basis for assessing the recoverability of deferred tax assets – after deducting temporary differences on the liabilities side. Particularly in countries where the requirements laid down by IFRS with regard to the reliability of the tax planning are higher due to losses recorded in recent years, there are additional substantial indications that taxable results can be used for the anticipated tax relief in subsequent years.

The upward trend in revenue allowed for the compensation of losses in countries such as Austria, the US, Poland and Spain. Overall, it can be seen that recognised losses can be utilised within the planning period (five years).

Deferred tax liabilities are not recognised for temporary differences resulting from shares in subsidiaries, joint ventures or associated companies (outside-basis differences) in cases where their reversal can be controlled by DO & CO and is not probable in the foreseeable future.

5.15. Other financial liabilities (current)

in m€	31 March 2023	31 March 2022
Loan	17.64	16.02
Provision for interest on bonds	0.25	0.30
Miscellaneous other financial liabilities (current)	37.72	24.78
Lease Liability IFRS16 current	19.85	16.48
Other financial liabilities (current)	75.46	57.58

Regarding future cash outflows please refer to Section 9.3.

5.16. Trade payables

The table below shows the development of trade payables:

in m€	31 March 2023	31 March 2022
Trade payables	103.37	78.01
Deliveries and services not yet invoiced	28.88	23.43
Trade payables	132.24	101.44

5.17. Current provisions

The current provisions have developed as follows in the business year:

in m€	As of 1 April 2022	Currency changes	Changes in scope of consolidation	Consumption	Release	Allocation	Transfer	As of 31 March 2023
Other personnel provisions	0.75	0.00	0.00	-0.55	-0.04	1.63	0.00	1.78
Other provisions	16.27	-0.30	0.00	-9.18	-2.57	20.33	0.60	25.14
Total	17.01	-0.31	0.00	-9.73	-2.61	21.96	0.60	26.92

Other personnel provisions pertain to provisions for performance-based remuneration components in the amount of € 1.78m (PY: € 0.75m). Other provisions mainly include provisions resulting from audit and consulting expenses, legal fees as well as other current obligations and deferrals/accruals.

5.18. Other liabilities (current)

Other liabilities (current) break down as follows:

in m€	31 March 2023	31 March 2022
Advance payments received on orders	12.32	0.62
Other liabilities (current)	23.78	14.29
Deferred income	3.43	0.93
Contract liabilities	7.95	6.29
Other current liabilities IFRS 16	1.44	1.29
Government Grants	9.04	10.23
Total	57.97	33.65

It is expected that these obligations will be settled within 12 months after the end of the reporting period. Other liabilities mainly pertain to VAT liabilities and liabilities to social insurance funds as well as to liabilities to employees for recurring remuneration payments.

Government grants relate to loans for which there is reasonable assurance that they will be forgiven at the reporting date. The only significant condition for the loans to be forgiven is that costs are incurred in the respective entities.

6. Comments on the Consolidated Income Statement

6.1. Revenue

DO & CO mainly generates revenues from contracts with customers in the context of catering, handling and infrastructure services.

Revenue from contracts with customers by segments and geographical regions breaks down as follows:

Countries	Airline Catering	International Event Catering	Restaurants, Lounges & Hotels	Total
Türkiye	346.07	0.32	27.58	373.97
Austria	65.08	16.07	42.82	123.96
Great Britain	245.70	94.24	10.94	350.88
Germany	38.59	60.87	36.43	135.90
USA	275.14	0.00	0.00	275.14
Spain	74.21	4.92	9.56	88.69
other countries	25.14	41.80	4.10	71.04
Total	1,069.93	218.23	131.43	1,419.58

The following table provides information on receivables (see Section 5.6.), contract assets and contract liabilities:

in m€	31 March 2023	31 March 2022
Trade receivable	168.58	95.84
Activated contract costs	17.69	21.85
Contract assets	0.00	9.13
Contract liabilities	-7.95	-6.29

Valuation allowances in the amount of € 2.73m (PY: € 3.48m) were recognised for trade receivables.

The contract costs capitalised in the amount of € 17.69m in the business year 2022/2023 mainly relate to costs incurred for the performance of a contract which are amortised on a straight line basis over the contract term as of the date of contract inception in 2020. In the business year 2022/2023, capitalised contract costs in the amount of € 3.74m were amortised. The contract costs are reported in the statement of financial position under "Other non-current assets".

Contract assets mainly relate to claims for consideration for finished services not yet invoiced at the reporting date.

Contract liabilities mainly relate to subsequently granted rebates where an outflow within one year is expected. An amount of € 1.26m relating to contract liabilities was recognised under revenue in the business year 2022/2023.

6.2. Other operating income

In the business year 2022/2023 and in the previous year, other operating income pertains to:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Income from the release of provisions	3.35	5.11
Foreign exchange gains	6.91	2.94
Income from deconsolidation	0.00	-0.06
Miscellaneous other operating income	7.99	41.82
Total	18.25	49.82

In the previous year, miscellaneous other operating income included an amount of € 31.00m which mainly results from income arising from the Austrian fixed costs subsidy, the Austrian revenue compensation and the Austrian revenue shortfall bonus as well as the German bridging aid and the German compensation for damages.

6.3. Cost of materials

In the business year 2022/2023 and the previous year, cost of materials and purchased services amounted to:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Cost of materials	-448.01	-196.20
Cost of purchased services	-155.87	-76.00
Total	-603.88	-272.21

Purchased services mainly include the renting of equipment and acquired staff.

6.4. Personnel expenses

The DO & CO Group employed an average of 11,411 staff (PY: 8,460 staff) in the business year 2022/2023.

In the business year and in the previous year, personnel expenses comprised the following:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Wages and salaries	-395.69	-220.22
Expenses for termination benefits, pensions and contribution based payments	5.84	-4.52
Compulsary social security contribution and payroll-related taxes	-57.28	-26.36
Other employee-related expenses	-17.65	-9.86
Total	-464.78	-260.96

An amount of € 0.71m (PY: € 0.42m) was paid to staff provision funds in Austria.

In the previous year, personnel expenses included income from public grants such as support for short-time working and income from the forgiveness of loans in the amount of € 20.16m.

6.5. Other operating expenses

Other operating expenses pertain to:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Rentals, leases and operating expenses (including airport fees)	-88.07	-38.75
Travel and communication expenses	-20.25	-14.14
Transport, vehicle and maintenance expenses	-50.82	-31.40
Insurance premiums	-2.19	-1.90
Legal, auditing and consulting expenses	-12.30	-8.24
Bad debts, impairments of receivables and other claims	-5.95	-5.92
Foreign exchange losses	-8.68	-2.31
Losses on disposal of non-current assets	-0.31	-0.10
Other taxes	-10.47	-7.90
Miscellaneous other operating expenses	-28.55	-15.82
Total	-227.59	-126.48

Expenses for the auditor amounted to € 0.46m (PY: € 0.51m) for the audit of the consolidated financial statements and the separate financial statements in the reporting period as well as to € 0.08m (PY: € 0.09m) for tax advice and € 0.01m (PY: € 0.00m) for other consulting services and € 0.01 million (PY: € 0.00 million) for other assurance services.

6.6. Result of equity investments accounted for using the equity method

in m€	Business Year	Business Year
	2022/2023	2021/2022
Results from investments	1.97	0.98

The result of equity investments accounted for using the equity method includes € 0.95m effects from sales proceeds and € -0.81m from the disposal of carrying amounts. In the previous year, the result of equity investments accounted for using the equity method included effects from deconsolidation of € 0.14m.

6.7. Amortisation / depreciation and effects from impairment tests

Amortisation / depreciation and effects from impairments tests recorded in the income statement include:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Amortisation and depreciation	-57.56	-51.06
Effects from impairment tests	-0.07	-2.88
Total	-57.63	-53.94

In the previous year the item effects from impairment tests primarily included impairment on property, plant and equipment amount to € 3.21m and the reversal of one other non-current asset amounting to € 0.29m. For detailed information, please refer to the Sections 5.1. and 5.2

For the breakdown of the reported effects from impairment tests with regard to the business segments, please refer to Segment reporting.

6.8. Financial result

The table below shows the breakdown of the financial result:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Income from non-current securities	0.04	0.03
Other interest and similar income	3.11	2.42
Expenses from financial assets and current securities	0.00	-0.41
Other interests and similar expenses	-19.93	-20.97
Result from hyperinflation adjustment	-17.86	0.00
Other financial result	-1.78	0.54
Total	-36.41	-18.40

Interests and similar income are interest income resulting from cash equivalents in Türkiye and Ukraine.

Interest and similar expenses include interest expenses incurred for the convertible bonds placed in January 2021 in the amount of € 4.35m (PY: € 4.35m) for loans, for the compounding of termination benefit obligations and other non-current obligations in the amount of € 4.99m (PY: € 5.39m) as well as the compounding of lease liabilities in the amount of € 10.58m (PY: € 11.23m).

The other financial result includes foreign exchange differences resulting from group financing in foreign currencies.

6.9. Income tax

The item income tax comprises current and deferred income taxes as presented in the table below:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Current income taxes	-16.15	-7.03
Deferred taxes	2.70	-3.04
Total	-13.46	-10.08

€ -16.09m (PY: € -7.45m) of current income tax pertains to the current year. Tax income in the amount of € -0.06m (PY: € 0.42m) relates to adjustments of income tax expenses incurred in previous years.

The income tax reported in the business year 2022/2023 is derived as follows from the expected income tax expense that would have resulted from applying DO & CO's income tax rate to the Group's result before income tax:

in m€	Business Year	Business Year
	2022/2023	2021/2022
Profit before income tax	49.30	24.00
Expected tax expense 24,75% (PY: 25%)	-12.20	-6.00
+/- Tax differences non-domestic countries	2.22	-0.83
Calculated income tax expense	-9.98	-6.83
tax effects due to permanent differences	-4.88	0.93
non-recognition of deferred tax assets on losses carried forward	2.44	-2.69
aperiodic effects	1.26	-0.90
other effects	-2.31	-0.58
Accounted income tax expense	-13.46	-10.08
Effective tax rate	-27.3 %	42.0 %

The effective tax burden of the DO & CO Group, i.e. the reported tax expense in relation to the profit before income tax, is -27.3% (PY: 42.0%).

6.10. Earnings per share

Basic earnings per share are calculated by dividing profit or loss attributable to the shareholders of DO & CO by the average number of ordinary shares issued during the business year.

	Business Year	Business Year
	2022/2023	2021/2022
Net result in m€	33.64	11.00
Weighted average number of shares (in Pie)	9,778,970	9,744,000
Basic/Undiluted earnings per share (in €)	3.44	1.13

Diluted earnings per share are calculated by adding the weighted average potential shares to the average number of shares issued. It is assumed that the convertible bonds are changed to shares and the net gain is adjusted for interest expenses and tax effect.

	Business Year	Business Year
	2022/2023	2021/2022
Net Result (used to determine diluted earnings per share) in m€	37.00	14.22
Weighted average of shares issued + weighted average of potential shares (in Pie)	10,984,231	10,984,231
Diluted earnings per share (in €)	3.37	1.29

The following table presents a reconciliation of the shares issued at the beginning and end of the reporting period (number of shares ultimo):

Reconciliation of shares outstanding at the beginning and at the reporting date
in Pieces
issued as at 1st of April 2022	9,744,000
Conversions from the convertible bonds	205,872
issued as at 31st of March 2023	9,949,872

The following table presents the reconciliation of the net result and the net result used for the calculation of the diluted earnings per share:

in m€	Business Year
	2022/2023
Net Result	33.64
Interest	4.35
23% Tax	-1.00
Net Result (used to determine diluted earnings per share)	37.00

The following table presents the reconciliation of the weighted average number of shares issued and the weighted average number of shares issued including the weighted average potential shares:

in Pieces	Business Year
	2022/2023
Weighted average number of shares issued	9,778,970
Weighted average potential of ordinary shares	1,205,261
Weighted average of shares issued + weighted average of potential shares	10,984,231

Section 9.4 provides additional information on the change in the number of ordinary shares.

6.11. Proposed appropriation of profit

Under the provisions of the Austrian Stock Corporation Act, the financial statements of DO & CO Aktiengesellschaft as of 31 March 2023, prepared in accordance with the Austrian financial reporting requirements, provide the basis for the distribution of a dividend. These financial statements show a net profit for the year of € 11.00m. The Management Board proposes to the General Meeting of Shareholders to distribute a dividend payout of € 1.00 on each share entitled to a dividend. The proposed dividend has no tax effects for DO & CO in case of the dividend being paid.

7. Comments on the Consolidated Statement of Cash Flows

The statement of cash flows from operating activities was prepared using the indirect method. Liquid funds correspond to Cash and cash equivalents in the consolidated statement of financial position and include cash in hand, cheques and cash at banks.

Income tax payments are reported separately under the cash flows from operating activities.

The gross cash flow amounts to € 136.53m, meaning a increase of € 56.41m compared to the same period of the previous year. Taking into account the changes in the working capital and the income tax payments, the cash flow from operating activities amounts to € 114.12m (PY: € 66.51m).

The cash flow from investing activities amounts to € -31.92m (PY: € -13.84m). Cash-effective investments in property, plant and equipment and in intangible assets are € -37.28m (PY: € -16.15m). In the business year 2022/2023, non-cash additions to right-of-use assets recorded in property, plant and equipment pursuant to IFRS 16 were made in the amount of € 44.80m (see Section 9.2.). The remaining differences between cash-effective investments in property, plant and equipment and additions to property, plant and equipment (see Section 5.2.) result from payments relating to assets that had already been capitalised in the previous year and from the effects of Hyperinflation.

The cash flow from financing activities is € -51.59m (PY: € -49.36m). Liabilities arising from financing activities developed as follows in the business year 2022/2023:

in m€	Retained Earnings	Convertible Bond (equity component)	Non-controlling interests	Loans	Bond	Leases	Total
As of 1 April 2022	113.01	11.77	21.86	276.77	88.76	154.86	667.03
Dividend payment to non-controlling interests	0.00	0.00	-3.12	0.00	0.00	0.00	-3.12
Repayment of financial liabilities	0.00	0.00	0.00	-15.95	0.00	-17.39	-33.34
Interest paid / Transactions Costs	0.00	0.00	0.00	-3.85	-1.75	-9.53	-15.13
Total change of cash flow from financing activities	0.00	0.00	-3.12	-19.80	-1.75	-26.92	-51.59
Currency translation differences	0.00	0.00	-3.96	-0.56	0.00	-5.46	-9.98
Interest Expense	0.00	0.00	0.00	4.31	1.75	1.05	7.11
New/Changes leases	0.00	0.00	0.00	0.00	0.00	44.87	44.87
Balance Transfer	0.00	0.00	0.00	0.13	0.00	0.00	0.13
Convertible Bond	0.00	0.00	0.00	0.00	-12.45	0.00	-12.45
Effects from Hyperinflation	0.00	0.00	14.88	0.00	0.00	0.00	14.88
Other changes related to equity	11.00	0.00	-2.43	0.00	0.00	0.00	19.56
As of 31 March 2023	124.00	11.77	27.20	260.85	76.30	168.41	668.54

8. Segment Reporting

The Management Board of DO & CO is the chief decision-maker in allocating resources to the business segments as well as measuring their profitability. It controls the Group based on financial data calculated in line with IFRS. The accounting and valuation principles of the segments subject to mandatory reporting correspond to the accounting and valuation principles described in the Notes to the Consolidated Financial Statements.

According to the management approach, segment reporting follows internal reporting to the Management Board of DO & CO with regard to the business segments

• Airline Catering,
• International Event Catering and
• Restaurants, Lounges & Hotels.

Both earnings figures, EBIT and EBITDA, are of relevance for the management with regard to control. Management predominantly focuses on EBIT in respect of resource allocation; EBIT therefore is the segment result within the meaning of IFRS 8. The values used for segment reporting comply with the accounting and valuation methods applied in the IFRS consolidated financial statements. The operating result (EBIT) is reported as segment result. The transfer prices are defined in line with the OECD Guidelines.

The Group centrally controls the financial result and the tax expense.

The segment assets mainly comprises property and buildings, including buildings on third party land, right-of-use assets, assets under construction and any advance payments made in their regard, goodwill and other rights, the Hédiard brand in the Restaurant, Lounges & Hotels segment as well as other non-current assets in the International Event Catering segment.

Financial liabilities are not allocated for internal reporting purposes.

The major part of revenue in the DO & CO Group is generated by the Airline Catering division on three continents with its unique, innovative and competitive product portfolio. The core of the Airline Catering segment consists of 32 gourmet kitchens at international airports (among which Istanbul, London, New York, Vienna, Frankfurt, Warsaw, Milan, Madrid), offering culinary treats to 125 million passengers on more than 705 thousand flights in the business year 2022/2023. DO & CO's customer portfolio includes more than 60 airlines. This clientele includes major players such as American Airlines, Austrian Airlines, British Airways, Cathay Pacific, China Airlines, Delta Air Lines, Emirates, Etihad Airways, EVA Air, Egypt Air, Iberia, Iberia Express, JetBlue, Korean Air, LOT Polish Airlines, Oman Air, Pegasus Airlines, Qatar Airways, Singapore Airlines and Turkish Airlines.

In the International Event Catering segment, the DO & CO Group operates on a global scale and offers its customers also one-stop solutions at events that include logistics, decoration, furniture, tents, music, entertainment and lighting in addition to traditional catering. Here, references include, amongst others, the catering for 22 Formula 1 grand prix races, UEFA Champions League finals, the catering at Allianz Arena and the Olympic Park in Munich, as well as the catering for FC Red Bull Salzburg and FK Austria Vienna. Longstanding partnerships confirm: national and international organisers trust DO & CO as host and one-stop shop with regard to hospitality solutions.

The Group has its origins in the Restaurants, Lounges & Hotels segment. This segment comprises a number of different areas, such as lounges, retail, airport catering, restaurants and Demel café, hotels and staff restaurants.

DO & CO has two customers whose share in the Group's overall revenue exceeds 10%, with the share amounting to € 354.65m and € 245.63m respectively in the business year 2022/2023 (PY: € 164.71m and € 127.99m). The revenue from these customers is almost exclusively included in the segments Airline Catering and Restaurants, Lounges & Hotels.

Segment reporting by division for the business year 2022/2023 and the business year 2021/2022 is as follows:

Business Year 2022/2023		Airline Catering	International Event Catering	Restaurants, Lounges & Hotels	Total
Revenue	m€	1,069.70	218.23	131.43	1,419.35
EBITDA	m€	111.62	22.50	9.21	143.33
Depreciation/amortisation	m€	-45.31	-4.02	-8.23	-57.56
Effects from Impairment tests	m€	-0.07	0.00	0.00	-0.07
Impairment	m€	-0.07	0.00	0.00	-0.07
Appreciation	m€	0.00	0.00	0.00	0.00
EBIT	m€	66.25	18.48	0.98	85.71
EBITDA margin	%	10.4 %	10.3 %	7.0 %	10.1 %
EBIT margin	%	6.2 %	8.5 %	0.7 %	6.0 %
Share of Group Revenue	%	75.4 %	15.4 %	9.3 %	100.0 %
Total investments	m€	63.11	5.83	7.71	76.65

Business Year 2021/2022		Airline Catering	International Event Catering	Restaurants, Lounges & Hotels	Total
Revenue	m€	518.65	117.21	69.34	705.20
EBITDA	m€	68.58	20.91	6.85	96.34
Depreciation/amortisation	m€	-38.65	-4.84	-7.57	-51.06
Effects from Impairment tests	m€	-2.86	0.00	-0.01	-2.88
Impairment	m€	-3.21	0.00	-0.01	-3.23
Appreciation	m€	0.35	0.00	0.00	0.35
EBIT	m€	27.07	16.06	-0.73	42.40
EBITDA margin	%	13.2 %	17.8 %	9.9 %	13.7 %
EBIT margin	%	5.2 %	13.7 %	-1.1 %	6.0 %
Share of Group Revenue	%	73.5 %	16.6 %	9.8 %	100.0 %
Total investments	m€	12.99	3.69	12.15	28.83

External revenue of the DO & CO Group can be broken down by geographical regions according to the location of the service-rendering subsidiary as follows:

Business Year 2022/2023		Türkiye	Great Britain	USA	Germany	Austria	Spain	Other Countries	Total
Sales	m€	373.97	350.88	275.14	135.90	123.96	88.69	71.04	1,419.58
Share of Group Revenue	%	26.3 %	24.7 %	19.4 %	9.6 %	8.7 %	6.2 %	5.0 %	100.0 %
Business Year 2021/2022		Türkiye	Great Britain	USA	Germany	Austria	Spain	Other Countries	Total
Sales	m€	168.03	200.26	127.53	53.41	70.78	52.56	32.62	705.19
Share of Group Revenue	%	23.8 %	28.4 %	18.1 %	7.6 %	10.0 %	7.5 %	4.6 %	100.0 %

Non-current assets pursuant to IFRS 8 by geographical regions (excl. income tax receivables and deferred taxes) as of 31 March 2023 and 31 March 2022 are presented below:

31 March 2023		Great Britain	USA	Austria	Germany	Türkiye	Spain	Other Countries	Total
Non-current assets	m€	158.41	97.90	79.91	55.97	27.67	16.62	26.16	462.64
in %		34.2 %	21.2 %	17.3 %	12.1 %	6.0 %	3.6 %	5.7 %	100.0 %
31 March 2022		Great Britain	USA	Austria	Germany	Türkiye	Spain	Other Countries	Total
Non-current assets	m€	173.81	68.46	80.05	55.91	16.41	17.31	25.79	437.73
in %		39.7 %	15.6 %	18.3 %	12.8 %	3.7 %	4.0 %	5.9 %	100.0 %

9. Additional Disclosures

9.1. Contingencies and financial liabilities

The contingent liabilities of the DO & CO Group amount to € 19.78m at 31 March 2023 (31 March 2022: € 16.85m) and comprise:

in m€	31 March 2023	31 March 2022
Guarantees	19.78	16.74
Other contractual obligations	0.00	0.11
Total	19.78	16.85

All matters reported under contingent liabilities relate to potential future obligations which are uncertain as of the reporting date 31 March 2023 and that would create an obligation for DO & CO only upon the occurrence of uncertain future events. It is unlikely that there will be an outflow. This item mainly relates to guarantees for rental agreements, customs duties and bank guarantees.

Contingent liabilities include an amount of € 7.40m relating to the share held in a joint venture.

For reasons of practicability, the disclosures pursuant to IAS 37.86 and IAS 37.89 are omitted in accordance with IAS 37.91.

As of 31 March 2023, executory contracts exist on the purchase of property, plant and equipment in the amount of € 15.76m (31 March 2022: € 0.99m).

9.2. Leases

In particular, DO & CO rents real estate, which – among others – includes office spaces and production facilities. They mostly constitute long-term leases, with some contracts including extension and termination options. Many contracts include lease payments that depend on an index. Some contracts include variable lease payments based on revenue. Some lease agreements include restrictions which prohibit the conclusion of subleases or predetermine the use of the asset.

In addition, DO & CO rents plant and machinery as well as other equipment and office equipment, with the proportion of these kinds of leases, however, being low compared to real estate leases.

The following table shows the carrying amounts recognised for right-of-use assets included in property, plant and equipment as well as the change during the reporting period:

in m€	Land and buildings including buildings on third party land	Plant and machinery	Other equipment and office equipment	Total
As of 1 April 2022	151.77	0.05	2.25	154.06
Changes in the scope of consolidation and reclassifications	0.00	0.00	0.00	0.00
Currency translation	-4.44	0.00	-0.08	-4.52
Additions	40.89	0.03	3.88	44.80
Disposals	-3.69	-0.01	-0.18	-3.88
Depreciation	-24.04	-0.06	-1.13	-25.23
Impairment losses	0.00	0.00	0.00	0.00
As of 31 March 2023	160.48	0.01	4.74	165.23

in m€	Land and buildings including buildings on third party land	Plant and machinery	Other equipment and office equipment	Total
As of 1 April 2021	185.59	0.06	2.35	187.99
Changes in the scope of consolidation and reclassifications	0.00	0.00	0.00	0.00
Currency translation	-5.54	0.00	0.04	-5.50
Additions	12.22	0.04	0.80	13.05
Disposals	-20.38	0.00	-0.24	-20.63
Depreciation	-19.92	-0.05	-0.69	-20.66
Impairment losses	-0.20	0.00	0.00	-0.20
As of 31st March 2022	151.77	0.05	2.25	154.06

The following amounts relating to leases are recorded in the consolidated income statement:

in m€	Business Year 2022/2023	Business Year 2021/2022
Depreciation expense of right-of-use assets	-23.92	-20.66
Impairment losses	0.00	-0.20
Interest expense on lease liabilities	-10.58	-11.23
Expense relating to short-term leases	-0.16	-0.15
Expense relating to leases of low-value assets	-0.02	-0.07
Variable lease payments	-18.29	-4.97
Total amount recognised in profit or loss	-52.97	-37.28

The following amounts relating to leases are recorded in the consolidated statement of cash flows:

in m€	Business Year 2022/2023	Business Year 2021/2022
Total cash outflow for leases	-26.82	-26.83

Some contracts include variable lease payments based on revenue. If revenue increases by 10%, total lease payments will rise by approx. 4.1% (PY: 1.6%). In addition, DO & CO has concluded leases containing extension and termination options. Some options may only be exercised by DO & CO, others only by the lessor. At the commencement date, DO & CO assesses whether DO & CO is reasonably certain to exercise or not to exercise these options. Upon the occurrence of a significant event or significant changes in circumstances, a reassessment may be made. In the case of a reassessment of extension and termination options which were considered or not considered in the course of the initial measurement of the lease term, DO & CO estimates possible future lease payments to amount to approx. € 11.65m (PY: € 11.11m). As of 31 March 2023, there are no leases already entered into but which have not yet commenced.

9.3. Additional disclosures on financial instruments

The fair values stated are determined based on the below parameters depending on the level to which the fair value is allocated:

• Level 1: Quoted prices in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within level 1 that are observable for the assets or liabilities either directly (that is, as a price) or indirectly (that is, derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). An allocation to level 3 is already made if an unobservable input exists in the course of the measurement that exerts a significant influence on the measurement.

The carrying amounts of the financial instruments, classified in measurement categories pursuant to IFRS 9, and the fair values allocated to classes are presented in the table below:

	Carrying amount	Measurement category according to
in m€	31 March 2023	IFRS 9	Fair Value	Level
Other financial assets (non-current)	20.73
Investments and securities	0.18	FVTPL		3
Derivative Financial Instrument	6.28	FVOCI		2
Other non-current assets	14.27	AC
Trade receivables	165.86	AC
Other financial assets (current)	16.30	AC
Cash and cash equivalents	235.16	AC
Total assets	438.05
Convertible bond	76.30	FLAC	67.00	3
Other financial liabilities (non-current)	391.77
Loans	243.21	FLAC	206.02	3
Lease liability IFRS 16	148.55	FLAC
Other financial liabilities (current)	75.46
Loans	17.64	FLAC	17.64	3
Lease liability IFRS 16	19.85	FLAC
Miscellaneous other current financial liabilities	37.97	FLAC
Trade payables	132.24	FLAC
Total liabilities	675.78

	Carrying amount	Measurement category according to
in m€	31 March 2022	IFRS 9	Fair Value	Level
Other financial assets (non-current)	17.47
Investments and securities	0.14	FVTPL		3
Derivative Financial Instrument	2.32	FVOCI		2
Other non-current assets	15.00	AC
Trade receivables	92.37	AC
Other financial assets (current)	25.69	AC
Cash and cash equivalents	207.63	AC
Total assets	343.16
Convertible bond	88.76	FLAC	91.99	3
Other financial liabilities (non-current)	399.13
Loans	260.76	FLAC	238.53	3
Lease liability IFRS 16	138.37	FLAC
Other financial liabilities (current)	57.58
Loans	16.02	FLAC	16.02	3
Lease liability IFRS 16	16.48	FLAC
Miscellaneous other current financial liabilities	25.08	FLAC
Trade payables	101.44	FLAC
Total liabilities	646.91

AC: financial assets measured at amortised cost

FLAC: financial liabilities measured at amortised cost

FVTPL: financial assets mandatorily at fair value through profit or loss

FVOCI: financial assets/liabilities at fair value through other comprehensive income

With regard to cash and cash equivalents, trade receivables as well as other current financial assets, the carrying amounts represent an adequate estimate of the fair values as the remaining maturities are short. The same applies to trade payables, lease liabilities and other current financial liabilities. The fair value is not disclosed in accordance with the exemption provision set forth under IFRS 7.29 (a).

The fair value of the non-current loan liabilities is determined by discounting the future cash flows, taking into account the interest hedge through the swap. The borrowing costs of DO & CO Aktiengesellschaft, or borrowing costs adjusted to reflect the economic environment for loans abroad, are used as the discount rate. When using financing in an international context, country-specific parameters are used to determine the borrowing costs. As of 31 March 2023, the borrowing costs of DO & CO Aktiengesellschaft amounted to 9.7%.

Individual characteristics of the financial instruments are taken into account applying a creditworthiness and/or liquidity spread in line with the market. The financial liability arising from the obligation to acquire shares of other shareholders in the future (see Section 5.10. Shareholders' equity) is measured at fair value. The fair value is calculated as the present value of the difference between the purchase price paid by DO & CO for the acquisition of 51% of the shares less the contractually agreed purchase price for all shares in the subsidiary. Changes in value are directly offset against the Group's equity, which is why this liability cannot be classified to any of the measurement categories pursuant to IFRS 9. As of 31 March 2023, the carrying amount of the liability arising from the acquisition of the noncontrolling interests was € 0.00m (31 March 2022: € 0.00m).

Currency risk

DO & CO's elevated currency risk arises from possible changes in foreign exchange rates due to the international nature of its business. This risk particularly relates to the following currencies: Turkish lira (TRY), British pound sterling (GBP), US dollar (USD), Polish zloty (PLN) and Ukrainian hryvnia (UAH).

The Company seeks to hedge currency losses primarily by natural hedges that aim at balancing income and expenses denominated in a foreign currency with regard to the currency amount and the timing when payments are received or to be made, if possible. The Company also aims at transferring currency risks as far as possible to customers and suppliers with the help of corresponding agreements.

If required, DO & CO uses derivative financial instruments to manage currency risks. At the reporting date, the Company does not hold any derivatives to hedge foreign currency risks in its portfolio.

Sensitivity analyses are required under IFRS 7 to highlight the dependency of currency risks from monetary financial instruments denominated in a currency other than the functional currency. Currency translation effects on gains and losses determined on the basis of these analyses mainly result from receivables and/or payables in foreign currencies that exist at the reporting date. Non-current receivables and liabilities that form part of net investments in foreign operations affect equity. Currency translation differences arising from the translation of financial statements into the Group reporting currency are not taken into account in the sensitivity analysis.

As of 31 March 2023, the exchange rates applied by DO & CO with regard to the translation of significant currencies into euros are as follows:

Currency	USD	GBP	TRY	PLN	UAH	CHF
Period-end exchange rate as of 31 March 2023 (Foreign currency in relation to the euro)	1.0875	0.8792	20.8633	4.6700	39.7804	0.9968

Based on the result of the sensitivity analyses, an appreciation (depreciation) by 10% of the main foreign currencies for DO & CO against the respective functional currency of the group companies led to the following theoretical impacts on the result before income tax in the business year 2022/2023 and/or on equity as of 31 March 2023:

Impact on result before income tax (m€)	USD	GBP	TRY	PLN	UAH	CHF
Revaluation of foreign currency in relation to the euro by 10%	3.81	4.44	1.11	-0.09	-1.15	-0.04
Devaluation of foreign currency in relation to the euro by 10%	-3.12	-4.23	-1.11	0.09	1.15	0.04
Impact on equity (m€)	USD	GBP	TRY	PLN	UAH	CHF
Revaluation of foreign currency in relation to the euro by 10%	10.99	9.97	—	—	1.19	—
Devaluation of foreign currency in relation to the euro by 10%	-8.99	-8.16	—	—	-0.97	—

Due to the relatively low amount of financial instruments in Ukrainian hryvnia, the risk from a future depreciation of the currency against the euro as a result of the war in Ukraine is regarded as moderate.

Liquidity risk

Precise financial planning is the key to control liquidity and avoid liquidity risks. If expansion and other investment projects are undertaken, a meticulous analysis of their impact on Group liquidity must be conducted.

All Austrian and German DO & CO companies are integrated in a cash-pooling system so that liquidity can be managed centrally. Deviations from financial planning are detected immediately thanks to regular and prompt financial reporting. This approach ensures that countermeasures can be initiated quickly.

Currently existing liquidity needs can be covered using available funds and credit facilities granted by the banks.

DO & CO keeps the default risk to a minimum with the help of timely monitoring as part of its debtor management.

The default risk of major customers is mitigated by entering into corresponding contractual agreements and by customers providing collateral.

The table below presents the undiscounted contractually agreed interest payments and redemptions of the financial liabilities that fall within the scope of IFRS 7:

		31 March 2023
in m€	Carrying amount	Cash outflow in the next reporting period	Cash outflow for the next but one reporting period	Subsequent cash outflow
Cash outflow convertible bond	76.30	1.46	1.46	84.86
Cash outflow other non-current financial liabilities	391.77	14.77	195.37	271.03
thereof loans and derivate with maturity of 1-5 years	243.21	5.04	169.42	78.70
thereof loans with maturity of more than 5 years	0.00	0.00	0.00	0.00
thereof lease liability	148.55	9.73	25.96	192.32
Cash outflow trade payables	132.24	132.24
Cash outflow other current financial liabilities	75.46	75.46
thereof lease liability	19.85	19.85
thereof miscellaneous other financial liabilities	17.91	17.91
thereof liabilities related to personnel	20.06	20.06
thereof loans	17.64	17.64
Cash outflow liabilities within the scope of IFRS 7	675.78	223.94	196.83	355.88

		31 March 2022
in m€	Carrying amount	Cash outflow in the next reporting period	Cash outflow for the next but one reporting period	Subsequent cash outflow
Cash outflow convertible bond	88.76	1.75	1.75	103.50
Cash outflow other non-current financial liabilities	399.13	12.36	44.86	446.73
thereof loans and derivate with maturity of 1-5 years	257.97	2.93	18.71	250.92
thereof loans with maturity of more than 5 years	2.78	0.00	1.65	1.17
thereof lease liability	138.37	9.43	24.50	194.64
Cash outflow trade payables	101.44	101.44
Cash outflow other current financial liabilities	57.58	57.58
thereof lease liability	16.48	16.48
thereof miscellaneous other financial liabilities	9.34	9.34
thereof liabilities related to personnel	15.74	15.74
thereof loans	16.02	16.02
Cash outflow liabilities within the scope of IFRS 7	646.91	173.14	46.61	550.23

Interest risk

Financing activities have maturities that correspond at least to terms of the commitment with regard to the projects to be financed. Financing is done at usual market conditions. The effects of a change in interest rates are monitored in sensitivity analyses conducted every six months. These analyses represent the effects that changes in market interest rates have on interest payments, interest income and interest expenses. Thus, interest rate risks do not exist for financial instruments with a fixed interest rate. Changes in market interest rates, however, affect the financial result of variable-interest financial assets and liabilities. At DO & CO, this pertains in particular to cash and loans.

In March 2020, DO & CO took out unsecured loans in the amount of € 300m, € 150m of which have variable interest rates. DO & CO concluded an interest-rate swap for € 100m with a term of five years to hedge the interest rate risk relating to the variable interest loan taken out, and designated this hedging relationship as a cash flow hedge. For detailed information on the cash flow hedge, please refer to the Section on hedge accounting as well as to the disclosures on financial instruments in Section 4.3. Accounting methods.

An increase (a decrease) of 100 basis points in the average interest rate in the business year 2022/2023 would have increased (decreased) the result before income tax by € 1.91m (€ 2.08m). DO & CO thus is at present not exposed to a significant interest rate risk. The calculation is based on the assumption that DO & CO's deposits do not have a negative interest rate.

Default risk

Adequate provisions for trade receivables are calculated based on the impairment model pursuant to IFRS 9 which views to determine expected credit losses. The Group applies the simplified model (lifetime expected loss model) to recognise expected credit losses by using a provision matrix of the probability-weighted lifetime expected losses.

In determining expected losses, historical defaults are calculated separately for the regions Türkiye, Europe and the US. CDS spreads are used in the calculation in order to take into account the future default risk.

DO & CO considers financial assets to be defaulted in the case it is improbable that the debtor will be able to fully settle its financial obligation and the decision is made that the receivable can no longer be recognised.

The following indicators are used for the assessment:

• More than 80 days past due
• Segment-specific analysis
• Customer-specific analysis
• Cost-benefit analysis

In general, it can be said that DO & CO did not observe any material defaults arising from its ordinary business activities. DO & CO observes available data of its customers and will record it in the case that indications of impairment arise. The carrying amounts of financial assets (31 March 2023: € 196.60m) correspond to the maximum default risk.

At the reporting date 31 March 2023, DO & CO had not taken out any credit insurance. Investments are made only at banks with first-class ratings.

Capital management

DO & CO's capital management strategy generally strives to increase the Company's value and to maintain a strong capital structure with high capital resources.

Within the meaning of a value-oriented corporate governance, the key control parameters used are EBITDA, EBIT as well as EBITDA and EBIT margins. The focus is on the successful use of the Company's assets and achieving a value that exceeds the capital costs. DO & CO monitors capital on the basis of the performance indicators net gearing (gearing ratio), equity ratio and net debt to EBITDA.

		Business Year	Business Year
		2022/2023	2021/2022
EBITDA	m€	143.33	96.34
EBITDA margin	%	10.1 %	13.7 %
EBIT	m€	85.71	42.40
EBIT margin	%	6.0 %	6.0 %
Equity ratio	%	19.6 %	15.6 %
Net debt (net financial liabilities)	m€	274.87	318.47
Net debt to EBITDA		1.92	3.31
Net gearing	%	138.7 %	234.2 %

(For the contents and definition of the key figures, see the Glossary of Key Figures).

A dividend policy in line with the net result serves to maintain the capital structure. The Management Board will thus propose to the General Meeting of Shareholders not to distribute a dividend for the business year 2022/2023.

Hedge accounting

DO & CO applied hedge accounting in accordance with IFRS 9 for the first time as of 31 March 2020. The risk management objective is to hedge the interest rate risk of a variable interest bullet loan taken out in March 2020 by concluding an interest rate swap on 13 March 2020. The term of the loan as well as of the interest rate swap is five years. The compensation payments resulting from the swap as well as the interest payments are made quarterly. For detailed information on the measurement principles of these financial instruments, please refer to the disclosures on financial instruments in Section 4.3. Accounting methods.

The following tables include disclosures on the hedging instrument and the underlying transaction as well as on the impact of the hedging relationship on the statement of financial position, the income statement and other comprehensive income:

			Hedging instrument
Cash flow hedge	Notional amount of the hedging instrument	Carrying amount of the hedging instrument	Line item in the statement of financial position in which the hedging instrument is located	Changes in fair value of the hedging instrument used for measuring ineffectiveness
Interest rate risk		31 March 2023
- Interest rate swap	100.00	6.28	Assets derivative financial instruments (long-term)	3.96
Interest rate risk			31 March 2022
- Interest rate swap	100.00	2.32	Assets derivative financial instruments (long-term)	3.98

		Hedged item
Cash flow hedge	Change in fair value of the hedged item used for measuring ineffectiveness	Hedge reserve in OCI for ongoing hedge accounting	Hedge reserve in OCI for which hedge accounting has previously been used
Interest rate risk		31 March 2023
- Floating rate loan payable	-3.96	4.84	0.00
Interest rate risk		31 March 2022
- Floating rate loan payable	-3.98	1.79	0.00

			Hedge effectiveness
				Amount reclassified from the hedge reserve to profit or loss
	Change in the value of the hedging instrument recognised in OCI	Hedge ineffectiveness recognised in profit or loss	thereof amount for which hedge accounting has previously been used	thereof amount which was reclassified because the hedged item affected profit or loss
			31 March 2023
Cash flow hedge	3.96	0.00	0.00	0.00
			31 March 2022
Cash flow hedge	3.98	0.00	0.00	0.00

Until the underlying transaction will be recognised in profit or loss, the effective portion of the hedging transaction from the cash flow hedging relationship is recognised in other comprehensive income after taking into account deferred taxes, and stated in the cash flow hedge reserve included in shareholders' equity. The development of the cash flow hedge reserve is shown in the statement of changes in equity.

As of 31 March 2023, no ineffective portions exist which are to be recognised in the income statement.

9.4. Significant events after the reporting period (subsequent report)

On 21 January 2021, DO & CO Aktiengesellschaft placed 1,000 convertible bonds at an aggregate principal amount of € 100m with a term of five years and a coupon of 1.75% per annum. These debentures are convertible into ordinary shares of the Company at the option of the holders anytime during the term of the debentures.

There were six conversion dates after the reporting date, on which bondholders declared their intention to convert convertible bonds in an aggregate principal amount totalling € 25,4m to shares of the Company. On the basis of the current conversion price of € 80.63, such conversion results in a total number of 315,010 shares to be newly issued by the Company.

By issuing 315,010 new shares, the number of shares of the Company will increase to 10,264,882 and the share capital of the Company will increase by € 0.63m to € 20.53m. Put briefly, this will lead to a reduction of the liability from the convertible bond and to an increase in equity.

Beyond that no significant events occurred after the reporting date.

9.5. Related party disclosures

In its normal course of business, DO & CO Aktiengesellschaft has direct and/or indirect relationships with unconsolidated subsidiaries, joint ventures and associates.

Related parties mainly comprise members of the Management Board and of the Supervisory Board or companies in which members of the Management Board or Supervisory Board hold key positions.

	Business Year 2022/2023				Business Year 2021/2022
in m€	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries
Performed deliveries and services	0.00	0.00	0.08	0.12	0.00	0.16	0.07	0.12
Supplies received and services rendered	6.09	0.00	0.00	1.25	5.91	0.00	0.00	0.85

	31 March 2023				31 March 2022
in m€	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries
Receivables	0.95	0.00	1.28	0.01	0.95	0.00	1.33	0.04
Payables	31.22	0.00	0.00	0.11	32.91	0.00	0.00	0.09
Granted loans	0.00	0.00	1.33	0.00	0.00	0.00	1.29	0.00

The Group reports receivables from loans granted to joint ventures with an interest rate of 3.25% p.a.

Liabilities to related parties include lease liabilities in the amount of € 30.34m (PY: € 31.60m).

DO & CO provided guarantees for loans and rental agreements for joint ventures and associates in the amount of € 7.40m (PY: € 7.40m). No cash outflow is expected.

Transactions with related parties are carried out at arm's length. No guarantees for loans or group company loans were extended to members of the Management Board and of the Supervisory Board.

See Section 9.7. for the remuneration of board members.

9.6. Investments

As of the 31 March 2023, DO & CO reports the following investments:

Company	Place of registration	Country	Share of stock in %	Currency	Nominal Capital in TDC2
AIOLI Airline Catering Austria GmbH	Vienna-Airport	Austria	100	EUR	36 3)
B & B Betriebsrestaurants GmbH	Vienna	Austria	100	EUR	36 3)
Demel Salzburg Cafe-Restaurant Betriebs GmbH	Salzburg	Austria	100	EUR	35 3)
DO & CO - Salzburg Restaurants & Betriebs GmbH	Salzburg	Austria	100	EUR	36 3)
DO & CO Airline Catering Austria GmbH	Vienna	Austria	100	EUR	150 3)
DO & CO Airline Logistics GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO Airport Hospitality GmbH	Vienna	Austria	100	EUR	35 4)
DO & CO Albertina GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO Catering & Logistics Austria GmbH	Vienna	Austria	100	EUR	100 3)
DO & CO Catering-Consult & Beteiligungs GmbH	Vienna	Austria	100	EUR	36
DO & CO Event Austria GmbH	Vienna	Austria	100	EUR	100 3)
DO & CO Facility Management GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO Gourmet Kitchen Cold GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO Gourmet Kitchen Hot GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO im Haas Haus Restaurantbetriebs GmbH	Vienna	Austria	100	EUR	36 3)
DO & CO im PLATINUM Restaurantbetriebs GmbH	Vienna	Austria	90	EUR	35
DO & CO Immobilien GmbH	Vienna	Austria	100	EUR	36 3)
DO & CO Party-Service & Catering GmbH	Vienna	Austria	100	EUR	36 3)
DO & CO Pastry GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO Procurement GmbH	Vienna	Austria	100	EUR	35 3)
DO & CO Special Hospitality Services GmbH	Vienna	Austria	100	EUR	35 3)
Henry - the art of living GmbH	Vienna	Austria	100	EUR	36 3)
Henry am Zug GmbH	Vienna	Austria	100	EUR	35 4)
Ibrahim Halil Dogudan Gesellschaft m.b.H.	Vienna	Austria	100	EUR	36 3)
K.u.K. Hofzuckerbäcker Ch. Demel's Söhne GmbH	Vienna	Austria	100	EUR	799 4)
Sky Gourmet-airline catering and logistics GmbH	Vienna-Airport	Austria	100	EUR	800 4)
WASH & GO Logistics GmbH	Vienna	Austria	0	EUR	36 11)
DO & CO Brasil Catering e Eventos LTDA	Vienna	Brazil	100	BRL	130 0
DO & CO International Event AG	Zug	Switzerland	100	CHF	100
DO & CO Holding AG	Lausanne	Switzerland	100	CHF	1,000
Oleander Group AG	Zug	Switzerland	100	GBP	67 9)
DO & CO Gastronomie GmbH	Munich	Germany	100	EUR	25 5)
DO & CO München GmbH	Munich	Germany	100	EUR	100 5)
Arena One Mitarbeiterrestaurants GmbH	Munich	Germany	100	EUR	25 5)
DO & CO Service GmbH	Munich	Germany	100	EUR	25 5)
DO & CO Hotel München GmbH	Munich	Germany	100	EUR	25 5)
DO & CO (Deutschland) Holding GmbH	Kelsterbach	Germany	100	EUR	25
DO & CO Berlin GmbH	Berlin	Germany	100	EUR	25 5)
DO & CO Deutschland Catering GmbH	Munich	Germany	100	EUR	25
DO & CO Düsseldorf GmbH	Düsseldorf	Germany	100	EUR	25 5)
DO & CO Frankfurt GmbH	Kelsterbach	Germany	100	EUR	25 5)
FR freiraum Gastronomie GmbH	Kelsterbach	Germany	100	EUR	25 5)
DO & CO Lounge Deutschland GmbH	Munich	Germany	100	EUR	25 5)
DO & CO Lounge GmbH	Frankfurt	Germany	100	EUR	25 5)
DO & CO Catering München GmbH	Munich-Airport	Germany	100	EUR	25 5)
DO & CO Hospitality Spain, S.L.	Barcelona	Spain	100	EUR	3
DO & CO Restauración España, S.L.U.	Madrid	Spain	100	EUR	4
DO & CO Airline Catering Spain SL	Madrid	Spain	100	EUR	3
DO & CO Airport Services & Cleaning Spain, SL	Madrid	Spain	100	EUR	3
DO & CO Restauracion y Eventos Holding SL	Madrid	Spain	100	EUR	4
Financière Hédiard SAS	Colombes	France	100	EUR	5,094

Hédiard Events SAS	Paris	France	100	EUR	100
Hédiard SAS	Paris	France	100	EUR	310
Hédiard restauration en vol SAS	Argenteuil	France	100	EUR	100
Hédiard Fonciere SAS	Argenteuil	France	100	EUR	100
DO & CO AIRPORT GASTRONOMY LIMITED	Feltham	UK	100	EUR	0 6)
DO & CO Airport Hospitality UK Ltd.	Feltham	UK	100	GBP	0
DO & CO CAFE UK LTD	Feltham	UK	100	GBP	1,032
DO & CO Event & Airline Catering Ltd.	Feltham	UK	100	GBP	0
DO & CO International Catering Ltd.	Feltham	UK	100	EUR	30 6)
DO & CO International Investments Ltd.	London	UK	100	EUR	5,000 6)
Henry - The Art of Living Ltd.	Feltham	UK	100	GBP	0
DO & CO Airline Catering Ltd.	Feltham	UK	100	GBP	0
Lasting Impressions Food Co. Ltd	Feltham	UK	90	GBP	0
DO & CO Italy S.r.l.	Vizzola Ticino	Italy	100	EUR	2,900
DO & CO México, S. de R.L. de C.V.	Mexiko-Stadt	Mexico	100	MXN	50 10)
DO & CO Netherlands Holding B.V.	Den Haag	Netherlands	51	EUR	20
DO & CO Poland Sp. z o.o.	Warsaw	Poland	100	PLN	7,447
DO & CO Real Estate Poland Sp. Z o.o.	Warsaw	Poland	100	PLN	55
Sharp DO & CO Korea LLC	Seoul	ROK	50	KRW	9,700,000
Sky Gourmet Slovensko s.r.o.	Bratislava	Slovakia	100	EUR	63 7)
DOCO Istanbul Catering ve Restaurant Hiz. Tic. ve San. A.S.	Istanbul	Türkiye	100	TRY	750
MAZLUM AMBALAJ SANAYİ VE DIŞ TİCARET A.Ş	Tekirdag	Türkiye	51	TRY	n.a.
THY DO & CO Ikram Hizmetleri A.S.	Istanbul	Türkiye	50	TRY	30,000
DO & CO AIRPORT GASTRONOMY LLC	Kiew-Boryspil	Ukraine	100	UAH	5,055
DO AND CO KYIV LLC	Kiew-Boryspil	Ukraine	51	UAH	2,400
DEMEL New York Inc.	New York	USA	100	USD	1
DO & CO CHICAGO CATERING, INC.	Wilmington	USA	100	USD	1
DO & CO Holdings USA, Inc.	Wilmington	USA	100	USD	100
DO & CO Los Angeles, Inc.	Wilmington	USA	100	USD	1
DO & CO Miami Catering, Inc.	Miami	USA	100	USD	1
DO & CO NEW JERSEY CATERING, INC.	Wilmington	USA	100	USD	0
DO & CO New York Catering, Inc.	New York	USA	100	USD	1
DO & CO Restaurant & Cafe USA Inc.	New York	USA	100	USD	0
DO & CO Events USA, Inc.	New York	USA	100	USD	1
DO & CO Detroit, INC	Detroit	USA	100	USD	1
DO & CO DTW Logistics, Inc.	Detroit	USA	100	USD	0
DO & CO Boston, Inc.	Boston	USA	100	USD	1

1) F=Fully consolidated, E=at equity, N=not consolidated

2) TDC = in thousands of domestic currency units

3) There is a profit transfer agreement between these companies and the DO & CO Aktiengesellschaft

4) There is a profit transfer agreement between these companies and the DO & CO Catering-Consult & Beteiligungs GmbH

5) There is a profit transfer agreement between these companies and the DO & CO (Deutschland) Holding GmbH

6) The nominal capital was initially paid in GBP

7) The nominal capital was initially paid in SKK

8) The nominal capital was initially paid in HUF

9) The nominal capital was initially paid in CHF

10) 1 % of each is held by DO & CO Holdings USA Inc.

11) Balance Sheet Date WASH & GO Logistics GmbH 30.11.2021

9.7. Corporate boards

In the business year 2022/2023, the corporate boards of DO & CO Aktiengesellschaft consisted of the following members:

Management Board:

Attila DOGUDAN

Chairman, born in 1959 First appointed to the Board on 3 June 1997 End of the current term of office: 31 July 2023 No seats on supervisory boards or comparable positions

Gottfried NEUMEISTER

Member of the Board, born in 1977 First appointed to the Board on 16 July 2012 End of the current term of office: 31 July 2023 No seats on supervisory boards or comparable positions

Attila Mark DOGUDAN

Member of the Board, born in 1984 First appointed to the Board on 10 June 2021 End of the current term of office: 31 July 2023 No seats on supervisory boards or comparable positions

Remuneration of the Management Board in the business year 2022/2023 and in the business year 2021/2022 was as follows:

	Remuneration Management Board
in k€	2022/2023	2021/2022
Fixed remuneration	3,208.91	2,832.24
Remuneration in other companies pertaining to the Group	106.29	107.15
Remuneration in kind	148.25	140.16
Total	3,463.45	3,079.55

Currently, no arrangements have been made regarding any in-house retirement provision for the Management Board. The chairman of the Management Board is entitled to severance pay analogously to the Salaried Employees Act. The employment contracts of the members of the Management Board provide for a gratuity of three monthly salaries in the event that their membership in the Board is terminated early without compelling cause. No such claim is due if a management contract is terminated for a cause that is within such member's control. No further claims are due to a member of the Management Board upon retirement. Furthermore, no arrangements have been made so far in the event of a change of control.

Supervisory Board:

Andreas BIERWIRTH

Chairman, independent, born in 1971 Representative of shareholders holding shares in free float Current term runs until the 23rd Ordinary General Meeting of Shareholders (2021), first appointed on 21 July 2016 Seats on supervisory boards or comparable positions at non-Group listed companies:

• Member of the Board of Directors of EasyJet PLC, UK (resigned in February 2023)

Peter HOFFMANN-OSTENHOF

First Deputy Chairman, independent, born in 1955 Current term runs until the 29th Ordinary General Meeting of Shareholders (2027), first appointed on 27 July 2017 No further seats on supervisory boards of listed companies

Cem KOZLU

Second Deputy Chairman, independent, born in 1946

Representative of shareholders holding shares in free float

Current term runs until the 28th Ordinary General Meeting of Shareholders (2026), first appointed on 21 July 2016

Seats on supervisory boards or comparable positions at non-Group listed companies:

• Member of the Board of Directors of Pegasus Hava Yollari A.Ş., Türkiye
• Member of the Board of Directors of Koç Holding A.Ş., Türkiye
• Member of the Board of Directors of Kamil Yazici Yönetim ve Danisma A.Ş., Türkiye

Daniela NEUBERGER

Member, independent, born in 1961 Current term runs until the 26th Ordinary General Meeting of Shareholders (2024), first appointed on 18 July 2019

No further seats on supervisory boards of listed companies

Remuneration of the Supervisory Board was resolved on in the General Meeting of Shareholders dated 14 July 2022 and determined with an amount of € 0.14m (PY: € 0.14m) for the business year 2021/2022. Cem Kozlu decided to waive his remuneration, resulting in a payout of € 0.11m (PY: € 0.11m).

Vienna, 9 June 2023

The Management Board:

Attila Dogudan m.p. Chairman of the Management Board Gottfried Neumeister m.p. Member of the Management Board Attila Mark Dogudan m.p. Member of the Management Board

Auditor's Report

Report on the Consolidated Financial Statements Audit Opinion

We have audited the consolidated financial statements of

DO & CO Aktiengesellschaft, Vienna,

and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 March 2023, the separate consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the fiscal year then ended, and the notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as at 31 March 2023, and of its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU and the additional requirements under Section 245a Austrian Commercial Code.

Basis for Opinion

We conducted our audit in accordance with Regulation (EU) No. 537/2014 (hereinafter EU Regulation) and Austrian Generally Accepted Standards on Auditing. Those standards require the application of the International Standards on Auditing (ISAs). Our responsibilities under those provisions and standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Group in accordance with Austrian Generally Accepted Accounting Principles and professional requirements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained until the date of the auditor's report is sufficient and appropriate to provide a basis for our opinion by this date.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the financial year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Recognition and Measurement of Deferred Tax Assets

Description and risks

In the consolidated financial statements as at 31 March 2023, DO & CO Aktiengesellschaft has capitalised deferred tax assets totalling € 23,31m. This amount includes deferred tax assets on loss carry-forwards amounting to € 20,75m, prior to netting with deferred tax liabilities.

Measurement of deferred tax assets is subject to significant estimates and discretionary decisions by the management of DO & CO Aktiengesellschaft. The recognition and measurement of deferred tax assets are based on the assumption that, within a planning period of five years, sufficient taxable income will be generated, which can be used to compensate for the loss carry-forwards. These assumptions are based on assessments of current and planned taxable results, as well as any potential future measures of the respective entities with tax effects.

For the consolidated financial statements, risk exists in relation to the estimation of the taxable results that will be available in the future as well as the possibility of overstating deferred tax assets.

We refer to the notes to the consolidated financial statements in Sections 4.3., 4.4., 5.13. and 6.9.

Our Audit Approach

We gained an understanding of DO & CO Aktiengesellschaft's process for the recognition and measurement of deferred tax assets, in particular, for determining future taxable results serving as a basis for the calculation of deferred tax assets on loss carry-forwards, and assessed it.

In addition, we primarily performed the following audit procedures:

• Analysis and assessment of internal accounting requirements (Accounting Manual) with regard to the recognition and measurement of deferred tax assets;
• If discretionary decisions were made regarding forecast revenue, results, and realization of planned results, we evaluated them as to whether the underlying assumptions are appropriate as well as plausible and consistent with other assumptions made in the consolidated financial statements;
• Critical assessment of the impairment of deferred tax assets;
• Evaluation of the disclosures in the notes to the consolidated financial statements as regards appropriateness and completeness.

Impairment of Goodwill, Other Intangible Assets as well as Property, Plant and Equipment

Description and Risks

In its consolidated financial statements as at 31 March 2023, DO & CO Aktiengesellschaft reports goodwill, other intangible assets, as well as property, plant and equipment at a carrying amount of EUR 417.7m. In the financial year 2022/23, effects resulting from impairment tests in the amount of EUR -0.07 were recognized.

In accordance with IFRSs as adopted by the EU, an entity is required to perform annual impairment tests for goodwill as well as intangible assets with indefinite useful lives. As at every reporting date, the Company also has to estimate whether there are any indications for impairment of an asset or a cash-generating unit.

Testing goodwill, intangible assets as well as property, plant and equipment for impairment is based on forward-looking assumptions. These assumptions require significant estimates by the Management Board regarding the future development of revenue and profit margins and the resulting net cash inflows, as well as assumptions with regard to the definition of the discount rates used. Such estimates are subject to significant uncertainty.

For the consolidated financial statements, this leads to the risk of goodwill, intangible assets, and property, plant and equipment being overstated.

We refer to the disclosures in the notes to the consolidated financial statements in Sections 5.1, 5.2. and 6.7.

Our Audit Approach

We evaluated and assessed the design of the Company's process for impairment testing.

Additionally, we scrutinised the assumptions and estimates made by management, and performed, among others, the following audit procedures:

• Scrutinizing management's evaluation of whether there are any indications for impairment of assets or cash-generating units;
• Evaluating the appropriateness of the current forecast of net cash inflows by using historical internal values
• Reconciling budgeted revenues, results and investments with the existing business plans;
• Gaining an understanding of the calculation model used for deriving the discount rates and performing plausibility checks of the parameters used with the help of database enquiries;
• Testing the mathematical accuracy of the impairment tests;
• Testing the respective presentation and disclosures in the notes to the consolidated financial statements and in the Group management report.

Other Information

Management is responsible for the other information. The other information comprises the information included in the annual financial report, but does not include the consolidated financial statements, the Group management report and our auditor's report thereon. We obtained the annual financial report prior to the date of this auditor's report.

Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and the Audit Committee for the Consolidated Financial Statements

Management is responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU (IFRSs) and the additional regulations of Section 245a Austrian Commercial Code, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation and with Austrian Generally Accepted Standards on Auditing, which require the application of ISAs, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the EU Regulation and with Austrian Generally Accepted Standards on Auditing, which require the application of ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also:

• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risks of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with all relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

Comments on the Group Management Report

Pursuant to Austrian Generally Accepted Accounting Principles, the Group management report is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the Group management report was prepared in accordance with the applicable legal regulations.

Management is responsible for the preparation of the Group management report in accordance with Austrian Generally Accepted Accounting Principles.

We conducted our audit in accordance with Austrian standards on auditing for the audit of the Group management report. Opinion

In our opinion, the Group management report was prepared in accordance with the applicable legal regulations, comprising the details in accordance with Section 243a UGB, and is consistent with the consolidated financial statements.

Statement

Based on the findings during the audit of the consolidated financial statements and due to the obtained understanding concerning the Group and its circumstances no material misstatements in the Group management report came to our attention.

Additional Information in Accordance with Article 10 of the EU Regulation

We were elected as statutory auditor at the General Meeting of Shareholders dated 14 July 2022. We were appointed by the Supervisory Board on 16 August 2022. We have audited the Company for an uninterrupted period since the financial year 1998/99.

We confirm that the audit opinion in the "Report on the Consolidated Financial Statements" section is consistent with the additional report to the Audit Committee referred to in Article 11 of the EU Regulation.

We declare that no prohibited non-audit services (Article 5 (1) of the EU Regulation) were provided by us and that we remained independent of the audited company in conducting the audit.

Responsible Engagement Partner

Responsible for the proper performance of the engagement is Karl Prossinger, Austrian Certified Public Accountant.

Vienna, 9 June 2023

CENTURION

Wirtschaftsprüfungs- und Steuerberatungs GmbH

Austrian Certified Public Accountant

Karl Prossinger Michael Lembäcker Austrian Certified Public Accountant

This report is a translation of the original report in German, which is solely valid. Publication and sharing with third parties of the consolidated financial statements together with our auditor's report is only allowed if the consolidated financial statements and the Group management report are identical with the German audited version. This auditor's report is only applicable to the German and complete consolidated financial statements with the Group management report. For deviating versions, the provisions of Section 281 (2) UGB apply.

Statements by all Legal Representatives Pursuant to Section 124 Austrian Stock Exchange Act

We confirm to the best of our knowledge

1. that the consolidated financial statements of DO & CO Aktiengesellschaft prepared in conformity with the relevant accounting standards provide a fair representation of the Group's assets and liabilities, financial situation and results of operations;

2. that the Group management report shows the course of business, operating result and position of the Group so that a fair representation of the assets and liabilities, financial situation and results of operations is provided, and that the Group management report describes the main risks and uncertainties to which the Group is exposed.

We confirm to the best of our knowledge

1. that the financial statements of the parent company prepared in conformity with the relevant accounting standards provide a fair representation of the Company's assets and liabilities, financial situation and results of operations;

2. that the management report shows the course of business, operating result and position of the Company so that a fair representation of the assets and liabilities, financial situation and results of operations is provided, and that the management report describes the main risks and uncertainties to which the company is exposed.

Vienna, 9 June 2023

The Management Board:

Attila Dogudan m.p. Chairman of the Management Board

Gottfried Neumeister m.p. Member of the Management Board

Attila Mark Dogudan m.p. Member of the Management Board

Glossary

				Business Year 2022/2023	Business Year 2021/2022
	EBITDA	m€	143.33
EBITDA margin in %	External revenue	m€	1,419.35	10.1%	13.7%
	EBIT	m€	85.71
EBIT margin in %	External revenue	m€	1,419.35	6.0%	6.0%
Return on Sales in %	Result before income tax External revenue	m€ m€	49.30 1,419.35	3.5%	3.4%
Adjusted equity in m€	+ Shareholders´ equity	m€	198.18	198.18	135.98
	- (proposed) dividend payment	m€	0.00
	Adjusted equity	m€	198.18
Equity ratio in %	Total capital	m€	1,009.00	19.6%	15.6%
Return on equity (ROE) in %	Result after income taxes Ø adjusted equity 1	m€ m€	35.84 171.99	20.8%	9.2%
	+ Bond	m€	76.30
Debt (financial	+ Other financial liabilities (non-current) + Current loans	m€ m€	391.77 17.64
liabilities) in m€	+ Current lease liability	m€	19.85	510.03	526.10
	+ Liabilitites directly allocable to non-current assets held for	m€	4.47
	sale
Net debt (net financial	+ Debt	m€	510.03
liabilities) in m€	- Cash and cash equivalents	m€	235.16	274.87	318.47
Net debt to EBITDA	Net debt EBITDA	m€ m€	274.87 143.33	1.92	3.31
Net gearing in %	Net debt	m€	274.87	138.7%	234.2%
	Adjusted equity	m€	198.18
	+ Cash and cash equivalents	m€	235.16
Surplus cash in m€	- 2% of revenue	m€	28.39	206.78	193.52
	- (proposed) dividend payment	m€	0.00
	+ Current assets	m€	523.06
	- Current provisions and liabilities	m€	307.29
Working capital in m€	- Surplus cash	m€	206.78	-14.92	-26.50
	- Assets held for sale - (proposed) dividend payment	m€ m€	23.91 0.00
Free cash flow in m€	+ Cash flow from operating activities	m€	114.12	82.20	52.67
	+ Cash flow from investing activities	m€	-31.92
Basic EPS (Earnings	Net result	m€	33.64
per Share) in €	Number of shares	Mpie	9.78	3.44	1.13
Diluted EPS (Earnings	Net Result (used to determine diluted earnings per share) Weighted average of shares issued + weighted average of	m€	37.00	3.37	1.29
per share) (in €)	potential shares	m€	10.98
	Share price at the end of the period	€	107.60
Price / Earnings ratio	EPS	€	3.44	31.27	67.71
Tax ratio in %	Income tax Result before income tax	m€ m€	-13.46 49.30	-27.3%	-42.0%
	EBIT	m€	85.71
Adjusted EBIT in m€	- Rent income from investment property	m€	0.00	85.71	42.40
	+ Cost from investment property	m€	0.00
	+ Adjusted equity	m€	198.18
Capital employed in	+ Non-current provisions and liabilities	m€	503.53	464.38	440.81
m€	- Cash and cash equivalents - Investment property	m€ m€	235.16 2.17
Return on capital employed (ROCE) in	Adjusted EBIT	m€	85.71	17.8%	9.1%
%	Ø Capital employed 1	m€	481.47

1 … Calculated as the average amount by the end of the past four quarters and the amount at the beginning of the period under review