DO & CO Restaurants & Catering AG

Quarterly Report First Quarter of 2008/2009

Group Management Report for the First Quarter of 2008/2009

(1 April 2008 to 30 June 2008)

Key Figures of DO & CO

Key Figures of the DO & CO group in accordance with IFRS

The abbreviations and calculations are explained in the Glossary of Key Figures

		First Quarter 2008 / 2009	First Quarter 2007 / 2008	Business Year 2007 / 2008	Business Year 2006 / 2007

Sales	in m €	129.97	86.23	354.62	206 .33
EBITDA	in m €	9.01	6.34	30.14	13.49
EBITDA mar gin	in %	6.9 %	7.4 %	8.5 %	6.5 %
EBIT	in m €	4.81	2.75	14.66	6.14
EBIT margin	in %	3.7 %	3.2 %	4.1 %	3.0 %
Result from ordinary business	in m €	4.88	2.59	14.27	6.86
Consolidated result	in m €	2.51	1.16	6.41	3.83

Employees		3,993	3,706	3,774	2,014

Equity 1	in m €	76.99	70.28	72.61	68.21
Equity ratio	in %	38.5 %	35.0 %	41.1 %	36.3 %
Net debts	in m €	-13.63	4.35	-5.63	15.3 0
Net gearing	in %	-17.7 %	6.2 %	-7.8 %	22.4 %
Working Capital	in m €	17.84	17.03	24.96	15.51

Operational cash-flow	in m €	16.56	11.76	26.88	11.72
Depreciation/amortization	in m €	-4.19	-3.59	-15.48	-7 .35
Free cash-flow	in m €	10.52	10.25	18.89	-53.86

ROS	in %	3.8 %	3.0 %	4.0 %	3.3 %
Ca pital Employed	in m €	82.09	98.32	88.21	106 .64
ROCE	in %	3.4 %	3.1 %	9.6 %	6.0 %
ROE	in %	3.4 %	2.2 %	9.1 %	7.5 %

1 … Adusted to take designated dividend payments and bookvalue of goodwill into account

Key Figures per share

(as per number of shares after the stock split)

			2)	2)	2)
		First Quarter	First Quarter	Business Year	Business Year
		2008 / 2009	2007 / 2008	2007 / 2008	2006 / 2007
EBITDA per share	in EUR	1.16	0.81	3.87	2.07
EBIT per share 1	in EUR	0.62	0.35	1.88	0.95
Earnings per share 1	in EUR	0.32	0.15	0.82	0.60
Equity (book entry) 4	in EUR	9.88	9.02	9.31	10.48
High 5	in EUR	18.95	26.00	26.00	24.38
Low 5	in EUR	15.50	24.50	15.83	9.98
Year-end 5	in EUR	18.00	25.25	16.60	24.13
PER high		n.a.	n.a.	31.6	40.6
PER low		n.a.	n.a.	19.2	16.6
PER year-end		n.a.	n.a.	20.2	40.2
Dividend yield	in %	n.a.	n.a.	0.9 %	0.5 %
Weighted number of shares	in TPie	7,795	7,795	7,795	6,507
Number of shares year-end	in TPie	7,795	7,795	7,795	7,795
Market capitalization year-end	in m EUR	140.31	196.83	129.40	188 .06

1 … Adjusted to take goodwill amortization into account

2 … The effect of the stock split was applied to previous year numbers to ease comparison.

4 … Adusted to take designated dividend payments and bookvalue of goodwill into account

5 … Closing price

Sales

First quarter sales for the DO & CO Group were EUR 43.74 million higher in business year 2008/2009 than in the previous year, rising from EUR 86.23 million to EUR 129.97 million.

SALES BY DIVISION	First Quarter
in m €	2008/2009	2007/2008	Change
Airline Catering	63.00	62.62	0.38
International Event Catering	50.66	11.55	39.11
Restaurants, Lounges & Hotel	16.31	12.06	4.25

Group sales	129.97	86.23	43.74

Airline Catering increased its sales by a slight EUR 0.38 million, raising them from EUR 62.62 million to EUR 63.00 million.

International Event Catering saw its sales rise by EUR 39.11 million, from EUR 11.55 million to EUR 50.66 million. This extraordinary increase is traceable to the EURO 2008. DO & CO was highly successful in its handling of the entire hospitality program in Austria and Switzerland in and around all eight stadiums. Sales for the Formula 1 Grand Prix races and other "classic" divisional events were maintained at the previous year's level despite this megaproject.

Restaurants, Lounges & Hotel recorded sales of EUR 16.31 million for the period under review, a figure EUR 4.25 million higher than the previous year's EUR 12.06 million. The major factors in this growth were the inclusion in the accounts of the new business location at the BMW World in Munich and the superb performance of existing locations.

Profit and Assets

The DO & CO Group posted consolidated earnings before interest and tax (EBIT) for the first quarter of 2008/2009 of EUR 4.81 million. This figure represents an increase of EUR 2.06 million over the previous year. The EBIT margin rose from 3.2 % last year to 3.7 % in the current year. Group EBITDA grew by EUR 2.67 million, rising from EUR 6.34 million to EUR 9.01 million. This figure corresponds to an EBITDA margin of 6.9 % versus 7.4 % for the previous year.

GROUP	First Quarter
in m €	2008/2009	2007/2008	Change
Sales	129.97	86.23	43.74
EBITDA	9.01	6.34	2.67
Depreciation/amortization	-4.19	-3.59	-0 .60
EBIT	4.81	2.75	2.06

EBITDA margin	6.9 %	7.4 %
EBIT margin	3.7 %	3.2 %

Em ployees	3,993	3,706	287

The sales and profit growth over the previous year can be traced mainly to the EURO 2008. Existing locations in Austria and abroad also put in satisfactory performances. The EURO 2008 Project generated a large volume of margin-free sales on infrastructure and services for guests purchased from third parties (tents, furniture, flowers, entertainment, etc.).

To obtain a meaningful figure for comparison with the previous year, these margin-free sales must be deducted from the total. Following adjustments for margin-free sales, the EBITDA margin was 8.3 % and the EBIT margin was 4.4 %.

Total net assets as of 30 June 2008 amounted to EUR 204.13 million, a figure EUR 23.55 million higher than on 31 March 2008. This upturn is attributable to investments in fixed assets and to the rise in short-term balance sheet items related to the catering services for the EURO 2008. As a result, the equity ratio fell from 42.5 % on 31 March 2008 to 39.7 % on 30 June 2008.

The first-quarter cash flow from operating activities was substantially higher than the previous year (EUR 16.56 million versus EUR 11.76 million the previous year) because billing for the entire catering contract for the EURO 2008 had not yet been completed as of 30 June 2008, especially supplier billing.

Investments

Payments for investments in tangible and intangible fixed assets amounted to EUR 5.92 million. Investments in the joint venture Turkish DO & CO and the renovation and expansion of production capacities in Vienna were two of the major individual items. Other key items were the expansion of Airline Catering locations in London, New York and Frankfurt and investments in DO & CO Event Austria GmbH, a new firm founded in the previous year in connection with the EURO 2008.

Employees

The first-quarter figure for the average number of employees increased to 3,993 in the current year compared to 3,706 last year. This growth stems from the expansion of activities at existing Airline Catering locations as well as the inclusion of the BMW World in Munich in the accounts and the increased staff required for the EURO 2008.

Airline Catering

The DO & CO Group now has a network of 22 gourmet kitchens with its business locations in New York, London, Frankfurt, Berlin, Munich, Milan, Bratislava, Salzburg, Vienna, Linz, Graz and the nine business locations in Turkey.

The growing clientele of the DO & CO Airline Catering Division at the various business locations includes, among others, the Austrian Airlines Group, Turkish Airlines, British Airways, Cathay Pacific, Emirates, Etihad, Qatar Airways, Royal Air Maroc, South African Airways, KLM, Iberia, Air France and NIKI. DO & CO currently provides catering to more than 50 airlines.

AIRLINE CATERING	First Quarter
in m €	2008/2009	2007/2008	Change
Sales	63.00	62.62	0.38
EBITDA	4.98	4.36	0.62
Depreciation/amortization	-3.12	-2.75	-0 .37
EBIT	1.86	1.61	0.25

EBITDA margin	7.9 %	7.0 %
EBIT margin	2.9 %	2.6 %

Share in consolidated sales	48.5 %	72.6 %

Airline Catering posted first quarter sales of EUR 63.00 million in the business year 2008/2009, an increase of EUR 0.38 million on the previous year.

The course of business in Airline Catering was stable overall. This trend is mostly attributable to the solid development of key accounts, particularly at foreign business locations. The loss of sales suffered in April 2008 in connection with the bankruptcy of EOS was offset by the fine showing of other key accounts.

EBITDA for Airline Catering increased by EUR 0.62 million, rising from EUR 4.36 million to EUR 4.98 million. That corresponds to an EBITDA margin of 7.9 % (previous year: 7.0 %). EBIT grew by EUR 0.25 million, from EUR 1.61 million to EUR 1.86 million. The EBIT margin was 2.9 % (previous year: 2.6 %).

International Event Catering

The EURO 2008 dominated business in International Event Catering in the first quarter. The division won high marks in serving as host to over 137,000 VIP guests at 31 matches in eight stadiums in Switzerland and Austria between 7 June and 29 June 2008. DO & CO also handled the catering for journalists and media representatives as well as UEFA employees and volunteers.

INTERNAT. EVENT CATERING	First Quarter
in m €	2008/2009	2007/2008	Change
Sales	50.66	11.55	39.11
EBITDA	2.81	1.12	1.69
Depreciation/amortization	-0.49	-0.35	-0 .14
EBIT	2.32	0.77	1.55

EBITDA margin	5.6 %	9.7 %
EBIT margin	4.6 %	6.7 %

Share in consolidated sales	39.0 %	13.4 %

Of course, the catering services for the EURO 2008 are clearly reflected in divisional sales and profits: EBIT for International Event Catering increased by EUR 1.55 million, rising from EUR 0.77 million to EUR 2.32 million. The EBITDA margin fell from 9.7 % to 5.6 % while the first quarter EBIT margin totaled 4.6 % as compared with the previous year's 6.7 %. The high portion of margin-free sales (guest infrastructure for the EURO 2008) is what caused this reduction in the margins. Following adjustments for margin-free sales, the EBITDA margin was 9.4 % and the EBIT margin was 7.8 %.

Other highlights in the period under review were the Formula 1 Grand Prix events.

Restaurant, Lounges & Hotel

Restaurants, Lounges & Hotel also posted healthy sales growth for the first quarter of 2008/2009. The division increased its first quarter sales by a substantial EUR 4.25 million, from EUR 12.06 million last year to EUR 16.31 million in the current year.

RESTAURANTS, LOUNGES & HOTEL	First Quarter
in m €	2008/2009	2007/2008	Change
Sales	16.31	12.06	4.25
EBITDA	1.22	0.86	0.36
De preciation/amortization	-0.58	-0.49	-0 .09
EBIT	0.64	0.37	0.27

EBITDA margin	7.5 %	7.1 %
EBIT margin	3.9 %	3.1 %

Share in consolidated sales	12.5 %	14.0 %

The DO & CO Design Hotel and the Restaurant on St. Stephen's Square in Vienna were particularly important factors in this growth, as was the DO & CO Restaurant in the Albertina. The EURO 2008 thus had a primarily positive effect on the results of the various business locations in Austria. The division benefited from a larger number of guests and additional sales.

Restaurants, Lounges & Hotel improved its EBITDA figure by EUR 0.36 million, increasing it from EUR 0.86 million to EUR 1.22 million. The EBITDA margin improved from 7.1 % to 7.5 %. EBIT increased by EUR 0.27 million to EUR 0.64 million. That corresponds to an EBIT margin of 3.9 % (previous year: 3.1 %).

DO & CO Stock/Investor Relations

The ATX, the leading Austrian index, recovered slightly from the crisis on international financial markets unleashed by the sub-prime crisis in the US real estate sector, closing the quarter on 30 June 2008 at 3,943 points. This figure represents an increase of 4.7 % on the closing level of 3,766 points on 31 March 2008.

Over this same period, the price of DO & CO shares rose by 8.4 %, closing the first quarter on 30 June 2008 at a price of EUR 18.00.

Outlook

In the Airline Catering Division, DO & CO is currently participating in a number of international invitations to tender. The enlargement of the Airline Catering units at London Heathrow and in New York is expected to be completed at the end of the second quarter as welll as the remodeling of a production site in Vienna.

Following the successful conclusion of the EURO 2008, International Event Catering is turning to its next major international sports event, the international CHIO riding and jumping tournament in Aachen. The traditional beach volleyball tournament at the Wörthersee and the continuation of hospitality services for the remaining Formula 1 Grand Prix races for this season will dominate business in the second quarter.

The opening of the Demel in New York in the second quarter of business year 2008/2009 will mark another major step in the expansion of Restaurants, Lounges & Hotel and the DEMEL brand. Sales and profits are expected to keep growing at existing locations.

The management of DO & CO is closely monitoring the current national and international trends in the airline industry and is prepared for any possible scenarios that market conditions may pose. Despite these difficult market conditions, DO & CO continues to have solid prospects for growth thanks to innovation, excellent product and service standards and a broad customer portfolio emphasizing quality-oriented carriers coupled with the greatest cost flexibility possible. Regional and international diversification in its three divisions further improves its position in this regard. The positive trend is thus expected to continue for the remainder of business year 2008/2009 barring the occurrence of any unforeseen developments outside the control of DO & CO.

Consolidated Financial Statements for the First Quarter of 2008/2009

Balance Sheet as per 30 June 2008 (unaudited)

	Notes Assets in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
	Intangible assets	39,188	47,675	38,859	47,633
	Tangible assets	50,512	44,737	43,631	43,419
	Investments	1,732	384	1,576	282
(1)	Fixed assets	91,433	92,796	84,066	91,334
	Other long-term assets	424	590	333	323
	Long-term assets	91,857	93,386	84,399	91,658

	Inventories	9,123	6,713	8,113	7,125
(2)	Trade accounts receivable	51,996	42,101	41,631	35,723
	Other Short-term accounts receivable and assets	19,186	13,695	15,910	14,080
	Non-current assets held for sale	0	12,893	0	12,858
	Cash and cash equivalents	27,667	31,946	26,069	25,753
	Current assets	107,972	107,349	91,723	95,538

	Deferred taxes	4,296	4,556	4,452	5,202
	Total assets	204,125	205,291	180,574	192,398

	Notes Liabilities and shareholders' equity in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
	Capital stock	15,590	14,162	15,590	14,162
	Capital reserves	34,464	35,892	34,464	35,892
	Revenue reserves	24,293	18,854	17,879	15,020
	Foreign currency translation reserve	-5,740	-3,755	-6,360	-3,676
	Consolidated result	2,506	1,157	6,413	3,834
	Minority interests	11,103	9,453	9,850	8,454
(3)	Shareholders' equity	82,216	75,763	77,836	73,687
(4)	Long-term provisions	16,272	15,612	16,072	14,870
(5)	Long-term financial liabilities	12,488	16,114	14,337	16,236
(6)	Other long-term liabilities	4,188	8,453	6,730	8,553
	Long-term liabilities	32,949	40,179	37,139	39,659

(7)	Short-term provisions	44,973	31,349	21,612	23,169
(8)	Short-term financial liabilities	1,553	7,300	6,100	9,672
(9)	Trade accounts payable	28,118	25,109	23,482	20,125
	Liabilities directly allocable to non-current assets held for sale	0	11,500	0	11,500
	Other short-term liabilities	14,316	14,090	14,404	14,587
	Current liabilities	88,960	89,349	65,598	79,052

	Total liabilities and shareholders' equity	204,125	205,291	180,574	192,398

The following Notes to the Consolidated Financial Statements form an integral part of this Consolidated Balance Sheet

Income Statement - First Quarter 2008/2009 (unaudited)

- in TEUR	First Quarter 2008 / 2009	First Quarter 2007 / 2008	Business Year 2007 / 2008	Business Year 2006 / 2007	Change 0809 / 0708
Sales	129,969	86,226	354,625	206,333	43,743
Other operating income	2,701	1,805	11,626	3,067	89 6
Costs of materials and services	-65,400	-32,626	-137,832	-77,589	-32,774
Pa yroll costs	-37,095	-30,955	-127,513	-77,266	-6,140
Depreciation of tangible fixed assets and amortization of intangible fixed assets	-4,194	-3,591	-15,478	-7,278	-602
Amortization of goodwill	0	0	0	-68	0
Other operating expenses	-21,167	-18,113	-70,768	-41,059	-3,054
EBIT - Operating result	4,814	2,745	14,660	6,139	2,069
Financial result	62	-156	-385	719	217
Result from ordinary business activities	4,876	2,589	14,274	6,858	2,287

Income tax	-1,803	-780	-5,197	-2,336	-1,023
Result after income tax	3,073	1,809	9,077	4,522	1,2 64

Minority interests	-567	-652	-2,663	-688	85
Consolidated result	2,506	1,157	6,413	3,834	1,3 49

The following Notes to the Consolidated Financial Statements form an integral part of this Consolidated Income Statement

		1)	1)	1)	Change
Number of individual shares	7,795,200	7,795,200	7,795,200	7,795,200	0
Weighted shares (number of individual shares)	7,795,200	7,795,200	7,795,200	6,506,680	0

Earnings per share	0.32	0.15	0.82	0.59	0.17

The capital increase to an extent of 324,800 new shares was placed on 26 March 2007. For this reason

the total number of shares increased from 1,624,000 to 1,948,800 pieces.

The stock split passed by the General Meeting on 5 July 2007 took effect on the reference date of 17 August 2007.

As a result, the number of shares quadrupled to 7.795.200 (ratio 1:4).

1 … The effect of the stock split was applied to previous year numbers to ease comparison.

Cash-Flow Statement - First Quarter 2008/2009 (unaudited)

in TEUR	First Quarter 2008 / 2009	First Quarter 2007 / 2008	Business Year 2007 / 2008	Business Year 2006 / 2007
Result from ordinary business activities	4,876	2,589	14,274	6,858
+ Depreciation and amortization	4,194	3,591	15,478	7,347
-/+Gains / losses from disposals of fixed assets	27	5	83	47
+/-Earnings from associated companies	-156	-102	-34	4
- Other non cash income +Increase / decrease in inventories and short-term accounts -/	604 -16,537	-1 ,653 -6,453	497 1,027	-1 -12, 904
receivable +/ - Increase / decrease in provisions	21,658	9,694	-145	7,614
Increase / decrease in trade accounts payable and other +/- liabilities	2,821	5,865	-3,060	4, 036
+/ -Currency-related changes in non fund assets	-1,756	-1,172	6,856	1,200
+/-Change in adjustment items from debt consolidation	373	-126	-2,471	-857
- Income tax payments and changes in deferred taxes	455	-483	-5,620	-1,628

Cash-flow from operating activities	16,559	11,757	26,884	11, 716
+/ - Income from disposals of tangible and intangible fixed assets	-27	-5	277	260
Changes in cash and cash equivalents arising from changes to +/- the scope of consolidation	0	0	475	-12, 299
- Outgoing payments from additions to tangible and intangible fixed assets	-5,921	-1,230	-8,736	-53, 506
-/ +Increase / decrease in long-term liabilities	-91	-267	-9	-27
Cash-flow from investin g activities	-6,039	-1,502	-7,994	-65,572
- Dividend payment to shareholders	0	0	-974	-812
+ Ca pital increase	0	-430	-934	26,105
+/- Increase / decrease in financial liabilities	-9,263	-3,664	-14,807	34,296
Cash-flow from financing activities	-9,263	-4,094	-16,716	59,589
Total cash-flow	1,257	6,161	2,175	5,732

Cash and cash equivalents at the beginning of the year Effects of exchange rate changes on cash and cash	26,069	25,753	25,753	20,188
equivalents	341	32	-1,859	-168
Cash and cash e quivalents at the end of the year Change in funds	27,667 1,257	31,946 6,161	26,069 2,175	25,753 5,732

Shareholders' Equity - First Quarter 2008/2009 (unaudited)

				Foreign currency
		Capital	Revenue	translation	Consolidated		Minority
in TEUR	Capital stock	reserves	reserves	reserves	result	Subtotal	interests	Total

As of 31 March 2007	14,162	35,892	15,020	-3,676	3,834	65,232	8,454	73,687
Cons. result for the fist half year 2007/2008					1,157	1,157	652	1,809
Profit carried forward 2006/2007 Currency translation			3,834	46	-3,834	0 46	346	0 393
Net investment approach				-126		-126		-126
Subtotal	0	0	3,834	-79	-2,677	1,078	998	2,076
Dividend payment 2006/2007						0		0
Other changes						0		0
As of 30 June 2007	14,162	35,892	18,854	-3,755	1,157	66,310	9,453	75,763
As of 31 March 2008	15,590	34,464	17,879	-6,360	6,413	67,987	9,850	77,836
Cons. result for the fist half year 2007/2008					2,506	2,506	567	3,073
Profit carried forward 2007/2008			6,413		-6,413	0		0
Currency translation				247		247	686	933
Net investment approach				373		373		373
Subtotal	0	0	6,413	620	-3,907	3,126	1,254	4,380
Dividend payment 2007/2008						0		0
Other changes						0		0
As of 30 June 2008	15,590	34,464	24,293	-5,740	2,506	71,113	11,103	82,216

Notes (unaudited)

General Information

1. Basic Principles

DO & CO Restaurants & Catering AG is an international catering group with headquarters in Vienna, Austria. It conducts business in three segments: Airline Catering, International Event Catering, and Restaurants, Lounges & Hotel.

Its reporting date is March 31.

The annual and interim financial statements of all subsidiaries included here were properly prepared in accordance with the International Financial Reporting Standards (IFRS) valid for the business year 2008/2009 as applied in the EU and in application of the parent's standard group-wide accounting and valuation principles.

The interim financial statements as of 30 June 2008 were prepared in accordance with IAS 34 (Interim Financial Reporting). The consolidated interim financial statements do not contain all information and disclosures that the annual financial statements do and should be viewed in connection with the consolidated financial statements as of 31 March 2008.

Unless otherwise indicated, the interim financial statements are stated in thousands of euros (TEUR), as are the figures in the Notes.

2. Accounting and Valuation Principles

The accounting and valuation principles were the same as those applied in the previous year's consolidated financial statements.

3. Scope of Consolidation

The scope of consolidation has not changed since 31 March 2008.

4. Currency Translation

The annual financial statements of the foreign subsidiaries were translated in accordance with the functional currency principle as outlined in IAS 21 (The Effects of Changes in Foreign Exchange Rates). The functional currency of the foreign companies is the national currency of their country of registration since the subsidiaries are financially, economically and organizationally independent in their conduct of business. The only exceptions are two British companies.

The annual financial statements of eight foreign subsidiaries with registered offices outside the Community Territory of the Member States of the European Union and two subsidiaries with registered offices in Great Britain and one subsidiary with registered office in Slovakia were translated in accordance with the principles of the modified current rate method. The balance sheet items were valued at the mean rate on the reporting date of 30 June 2008. Income and expenses on the income statement were translated at the annual average rate.

Translation differences on the reporting date arising from the balance sheet were allocated to shareholders' equity without affecting profit and loss. Translation differences between the reporting date rate within the balance sheet and the average rate in the income statement were offset in shareholders' equity.

Non-realized translation adjustments in conjunction with monetary items economically allocable to a share in an associated company, particularly borrowings under company loans issued to subsidiaries, were recognized with no effect on profit or loss from currency translation and offset in shareholders' equity.

The exchange rates applied in currency conversion for significant currencies developed as follows:

	Reporting Date Rate			Cum. Average Rate
in EUR	30 Jun 08	30 Jun 07	Q1 2008/2009	Q1 2007/2008
1 US Dollar	0.634357	0.740466	0.640895	0.739606
1 British Pound	1.262228	1.483680	1.266692	1.472977
1 New Turkish Lira	0.517518	0.563698	0.515908	0.555220
1 Swiss Franc	0.622820	0.604120	0.618844	0.606211
1 Slovak Koruna	0.033107	0.029731	0.032387	0.029607

5. Seasonal Nature of Business

Fluctuations in business volume are significant in Airline Catering and International Event Catering. The larger volume of flights and passengers among airline customers especially in the first and second quarters of the business year during the holiday and charter season have a major influence on Airline Catering whereas for International Event Catering the main factor is the changing dates of large-scale sports events.

The hospitality contract for the EURO 2008 had a substantial effect on these quarterly financial statements. Sales rose considerably, as did expenses for third-party services and personnel costs. The staging of the EURO 2008 hospitality program also caused a significant increase in short-term balance sheet items.

Notes to the Balance Sheet

(1) Fixed Assets

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Intangible assets	39,188	47,675	38,859	47,633
Tangible assets	50,512	44,737	43,631	43,419
Investments	1,732	384	1,576	282

Total	91,433	92,796	84,066	91,334

The growth in tangible fixed assets as compared to 31 March 2008 is largely attributable to investments for our subsidiaries in Vienna and London for Airline Catering and for the EURO 2008.

(2) Trade Accounts Receivable Other Short-Term Accounts Receivable and Assets

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07

Trade accounts receivable	51,996	42,101	41,631	35,723

Accounts receivable from associated companies	0	0	0	126
Accounts receivable from companies with distributed ownership	387	637	537	230
Other accounts receivable and assets	17,871	11,998	14,463	12,387
Prepaid expenses and deferred charges	928	1,020	910	1,297
Other current assets	0	41	0	41
Total of other current accounts receivable and other current assets	19,186	13,695	15,910	14,080

Total	71,182	55,795	57,541	49,803

The increase in trade accounts receivable in comparison with 31 March 2008 can be traced to services already invoiced for the EURO 2008. Other accounts receivable consist mainly of advance payments and credit balances with tax authorities.

(3) Shareholders' Equity

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Capital stock	15,590	14,162	15,590	14,162
Capital reserves	34,464	35,892	34,464	35,892
Revenue reserves	24,293	18,854	17,879	15,020
Foreign currency translation reserve	-5,740	-3,755	-6,360	-3,676
Consolidated result	2,506	1,157	6,413	3,834
Total	71,113	66,311	67,987	65,232

Minority interests	11,103	9,453	9,850	8,454
Total	82,216	75,763	77,836	73,687

The minority interests include the 10 % minority interest in the equity of the fully consolidated DO&CO PLATINUM Restaurantbetriebs GmbH as well as the 50 % interest in THY DO & CO Ikram Hizmetleri A.S.

(4) Long-Term Provisions

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Provisions for severance payments PBO	10,108	11,216	10,196	10,481
Provisions for long-service anniversary payments PBO	2,630	2,563	2,575	2,533
Provisions for deferred tax	2,931	1,127	2,706	1,148
Provisions for pension payments	492	552	492	552
Other Provisions	111	155	102	155

Total	16,272	15,612	16,072	14,870

(5) Long-term Financial Liabilities

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Liabilities to banks	12,488	16,114	14,337	16,236
Total	12,488	16,114	14,337	16,236

The reduction in the long-term financial liabilities result from repayment of money borrowed to finance the joint venture in Turkey.

(6) Other Long-Term Liabilities

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Trade accounts payable	0	230	23	299
Other liabilities	4,188	8,102	6,707	8,133
Deferred income	0	121	0	121

Total	4,188	8,453	6,730	8,553

The decrease in other liabilities results from the repayment of a loan granted by the holder of a minority interest at a foreign subsidiary.

(7) Short-Term Provisions

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Provisions for taxation	4,821	4,307	3,142	4,323
Other personnel provisions	10,054	9,254	11,117	9,909
Deliveries and services not yet invoiced	20,576	4,892	1,978	1,458
Other provisions	9,522	12,896	5,375	7,478
Total	44,973	31,349	21,612	23,169

Deliveries and services not yet invoiced increased due to provisions allocated for the EURO 2008.

(8) Short-Term Financial Liabilities

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07
Loan	0	5,000	0	7,172
EUR cash advances	1,553	2,300	6,100	2,500
Total	1,553	7,300	6,100	9,672

The decline in short-term financial liabilities results from a repayment of borrowed money.

(9) Trade Accounts Payable

in TEUR	30 Jun 08	30 Jun 07	31 Mar 08	31 Mar 07

Trade accounts payable	28,118	25,109	23,482	20,125

Advance payments received on orders	1,334	1,135	5,565	876
Other liabilities	12,828	12,801	8,632	13,494
Deferred income	154	154	208	217
Total other short-term liabilities	14,316	14,090	14,404	14,587

Total	42,434	39,199	37,886	34,712

Trade accounts payable also increased in comparison with 31 March 2008 due to the EURO 2008.

Contingent Liabilities

The amounts recorded under this item pertain to bank guarantees to secure claims in connection with leases and to secure refunds of advance tax payments from the Italian fiscal authorities and totaled TEUR 1,224 at the reporting date of 30 June 2008.

Related Party Disclosures

Raiffeisenlandesbank Niederösterreich-Wien AG is indirectly a related party as it holds a stake in DO & CO Restaurants & Catering AG through Raiffeisen-Holding Niederösterreich-Wien reg. Gen. m.b.H. and the latter's wholly owned subsidiary DZR Immobilien und Beteiligungs GmbH. Business relations with Raiffeisenlandesbank Niederösterreich-Wien AG were continued in the first quarter under review and were handled at terms and conditions customary for external customers. Existing business relations with enterprises in which members of the Supervisory Board of DO & CO Restaurants & Catering AG are active are conducted at terms and conditions customary for external customers.

The Group has a 50 % stake in THY DO & CO Ikram Hizmetleri A.S. Turkish Airlines (Türk Hava Yollari A.O.) holds the remaining 50 % stake in this company. THY DO & CO Ikram Hizmetleri A.S. provides airline catering services to Turkish Airlines. Sales revenues were obtained for these services in the first quarter of 2008/2009 and are contained in the trade accounts receivable from Turkish Airlines. Long and short-term liabilities are also shown in the consolidated balance sheet in connection with THY DO & CO Ikram Hizmetleri A.S.

GROUP First Quarter 2008/2009		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Sales	in m €	63.00	50.66	16.31	129.97
EBITDA	in m €	4.98	2.81	1.22	9.01
Depreciation/amortization	in m €	-3.12	-0.49	-0.58	-4 .19
EBIT	in m €	1.86	2.32	0.64	4.81

EBITDA margin	in %	7.9 %	5.6 %	7.5 %	6.9 %
EBIT margin	in %	2.9 %	4.6 %	3.9 %	3.7 %

Em ployees		2,867	210	697	3,774
Share in Consolidated sales	in %	48.5 %	39.0 %	12.5 %

Segment Reporting

The management report contains a detailed report by division for the first quarter of 2008/2009.

Vienna, 21 August 2008

Glossary of Key figures

EBITDA margin

Ratio of EBITDA (earnings before interest, taxes, depreciation and amortization) to sales

EBIT margin

Ratio of EBIT (earnings before interest and taxes) to sales

Equity ratio

Shows the relationship of equity capital, adjusted by dividend payments and book values for goodwill, to total capital

Net debts

Interest-incurring debt less cash and cash equivalents

Gearing ratio

Financial management expressed as the ratio of net debts to equity (adjusted by dividend payments and book values for goodwill)

Working capital

The surplus of current assets above and beyond short-term borrowed capital

Free cash flow

Cash from operating activities plus cash from investing activities

ROS – Return on sales

Return on sales, i.e. the ratio of the result on ordinary activities to sales

Capital employed

Equity after dividend payments less the book values of goodwill plus interest-incurring borrowed capital and net debts and less financial investments

ROCE – Return on capital employed

Shows return on capital invested by juxtaposing EBIT before amortization of goodwill and extraordinary result and less the adjusted taxes with the average capital employed

ROE – Return on equity

The ratio of taxed earnings (before amortization of goodwill) to average equity after dividend distribution and deduction of the book values of goodwill