DO & CO AG — Earnings Release 2008

Jun 16, 2009

News Details

Ad-hoc | 16 June 2009 09:23

DO & CO Restaurants & Catering AG:

DO & CO Restaurants & Catering AG / Final Results

Release of an Ad hoc announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Sales: EUR 387.78 million
EBIT: EUR 8.61 million
GOOD RESULTS DESPITE POOR MARKET CONDITIONS
DO & CO Restaurants & Catering AG today announced its results for the
business year 2008/2009 (1 April 2008 to 31 March 2009) in accordance with
IFRS. DO & CO achieved total sales of EUR 387,78 million, which represents
an increase of EUR 33.15 million over the same period last year. Sales of
Airline Catering division slightly decreased by EUR 5.12 million to EUR
246.84 million. Sales of the division International Event Catering rose
from EUR 41.65 million to EUR 76.87 million. Division Restaurants, Lounges
& Hotel reports sales of EUR 64.06 million compared to EUR 61.02 million in
the last business year.
The consolidated operating profit (EBIT) of the DO & CO Group after non
recurring impairments of EUR 3,41 million of intangible assets for the
business year 2008/2009 amounts to EUR 8.61 million. EBIT margin decreased
to 2.2 % (PY: 4.1 %). EBITDA decreased to EUR 28.83 million for an EBITDA
margin of 7.4 % (PY: 8.5 %). The reported result and margins are influenced
by three special items. 1. Decreasing sales within Airline Catering Austria
required headcount reduction that affected the operating result by EUR 1.33
million. The corresponding EBIT amounts EUR 13.35 million. 2. A revaluation
of the catering contract with Austrian Airlines resulted in an impairment
of intangible assets of EUR 3.41 million. 3. Sales include a high part of
transitory sales within the EURO 2008 project. Considering these
extraordinary effects an EBITDA margin of 8.2 % and an EBIT margin of 3.6 %
can be reported.
AIRLINE CATERING - The EBITDA of division Airline Catering amounts EUR
18.47 million (PY: EUR 21.11 million). This represents an EBITDA margin of
7.5 % (PY: 8.4 %). EBIT after non recurring impairments of EUR 3.41 million
amounts to EUR 1.81 million compared to EUR 9.25 million in the previous
year, for an EBIT margin of 0.7 % (PY: 3.7 %). The operating result is
affected by non recurring costs of headcount reduction by EUR 1.33 million.
Additionally the result includes an impairment of intangible assets in the
amount of EUR 3.41 million. Due to decreasing numbers of passengers and the
modified service concept of Austrian Airlines a revaluation of the catering
contract was required. As a consequence this capitalized intangible asset
was impaired. Considering these extraordinary effects the EBITDA margin
amounts 8.0 % and the corresponding EBIT margin lies at 2.7 %.
INTERNATIONAL EVENT CATERING - Division International Event Catering
reports an EBITDA of EUR 5.70 million against EUR 4.59 million in the same
period of the previous year with an EBITDA margin of 7.4 % (PY: 11.0 %).
The EBIT amounts to
EUR 4.38 million (PY: EUR 3.04 million), the EBIT margin lies at 5.7 % (PY:
7.3 %). After adjustments for transitory sales within the EURO 2008 project
in the first quarter of the business year 2008/2009 division International
Event Catering shows an EBITDA margin of 10.2 % and an EBIT margin of 7.8
%.
RESTAURANTS, LOUNGES & HOTEL - EBITDA of division Restaurants, Lounges &
Hotel amounts to EUR 4.66 million in the ongoing business year. EBITDA
margin amounts to 7.3 % (PY: 7.3 %). EBIT of EUR 2.41 million remained on
previous year level
(PY: EUR 2.37 million) which results in an EBIT margin of 3.8 % compared to
3.9 % in the previous year.
STOCK - The Management Board will propose to the General Meeting of
Shareholders that a dividend of EUR 0.15 per share shall distributed for
the business year 2008/2009.

According to the stock act 87 the financial report is available for the
public at the company's headquarter, A-1110 Vienna, Dampfmühlgasse 5, as
well as on the website www.doco.com.
16.06.2009 Financial News transmitted by DGAP

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Language: English
Issuer: DO & CO Restaurants & Catering AG
Stephansplatz 12
1010 Wien
Österreich
Phone: +43 1 74000-0
Fax: +43 1 74000-1029
E-mail: organization@doco.com
Internet: www.doco.com
ISIN: AT0000818802
WKN: 81880
Listed: Freiverkehr in Berlin, München, Stuttgart; Foreign
Exchange(s) Wien

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