DO & CO Restaurants & Catering AG

Quarterly Report First Quarter of 2009/2010

Management Report on DO & CO Group Glossary of Key Figures Consolidated Financial Statements Notes

Group Management Report for the First Quarter of 2009/2010 (unaudited)

(1 April 2009 to 30 June 2009)

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	First Quarter	Business Year	Business Year
		2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008

Sales	in m €	88.33	129.97	387.78	354.62
EBITDA	in m €	7.52	9.01	28.83	30.14
EBITDA margin	in %	8.5 %	6.9 %	7.4 %	8.5 %
EBIT	in m €	3.44	4.81	8.61	14.66
EBIT margin	in %	3.9 %	3.7 %	2.2 %	4.1 %
Profit before taxes	in m €	3.56	4.88	8.83	14.27
Consolidated result	in m €	1.86	2.51	2.08	6.41

Employees		3,802	3,993	3,835	3,774

Equity 1	in m €	78.52	76.99	75.45	72.61
Equity ratio	in %	45.5 %	38.5 %	45.6 %	41.1 %
Net debts	in m €	-8.65	-13.63	0.07	-5.63
Net gearing	in %	-11.0 %	-17.7 %	0.1 %	-7.8 %
Working Capital	in m €	11.93	17.84	9.91	24.96

Operational cash-flow	in m €	12.19	16.56	24.66	26.88
Depreciation/amortization	in m €	-4.08	-4.19	-20.22	-15.48
Free cash-flow	in m €	8.86	10.52	0.75	18.89

ROS	in %	4.0 %	3.8 %	2.3 %	4.0 %
Capital Employed	in m €	82.77	82.09	88.98	88.21
ROCE	in %	2.9 %	3.4 %	5.8 %	9.6 %
ROE	in %	2.4 %	3.4 %	2.8 %	9.1 %

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

Key Figures per share

(calculated with the weighted number of issued shares)

		First Quarter	First Quarter	Business Year	Business Year
		2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
EBITDA per share	in EUR	0.97	1.16	3.70	3.87
EBIT per share 1	in EUR	0.44	0.62	1.10	1.88
Earnings per share 1	in EUR	0.24	0.32	0.27	0.82
Equity (book entry) 2	in EUR	10.11	9.88	9.69	9.31
High 3	in EUR	8.90	18.95	18.95	26.00
Low 3	in EUR	7.70	15.50	7.49	15.83
Year-end 3	in EUR	8.60	18.00	8.10	16.60
Weighted number of shares 4	in TPie	7,769	7,795	7,790	7,795
Number of shares year-end	in TPie	7,763	7,795	7,779	7,795
Market capitalization year-end	in m EUR	66.76	140.31	63.01	129.40

1 … Adjusted to take goodwill amortization into account

2 … Adjusted to take designated dividend payments and bookvalue of goodwill into account

3 … Closing price

4 … Adjusted by own shares hold as per 30 June 2009

Sales

First quarter sales for the DO & CO Group were EUR -41.64 million lower in business year 2009/2010 than in the previous year, falling from EUR 129.97 million to EUR 88.33 million. This decline can primarily be attributed to the EURO 2008 which took place in the first quarter of the previous year.

Sales	Q1 2009/10 in m €	Q1 2008/09 in m €	Change in m €	Change in %
Airline Catering	61.39	63.00	-1.61	-2.6%
International Event Catering	11.95	50.66	-38.71	-76.4%
Restaurants, Lounges & Hotel	14.99	16.31	-1.32	-8.1%
Group Sales	88.33	129.97	-41.64	-32.0%

Airline Catering remained stable, reporting only a slight decline of -2.6 % in sales to EUR 61.39 million despite the tough market conditions.

Sales in International Event Catering decreased from EUR 50.66 million to EUR 11.95 million. This decline in sales was mainly due to the EURO 2008, which took place in the first quarter of the previous year. By excluding sales generated at the EURO 2008 from the comparison, the company reports a 75 % growth in sales.

Sales in Restaurants, Lounges & Hotel totaled EUR 14.99 million, a figure -8.1 %, or EUR –1.32 million, lower than the previous year. The decrease in sales in this division is also primarily attributable to the EURO 2008.

Earnings

The DO & CO Group posted consolidated earnings before interest and tax (EBIT) for the first quarter of 2009/2010 of EUR 3.44 million. This figure represents a decrease of EUR -1.38 million against the same period the previous year. Group EBITDA declined by EUR -1.49 million, falling from EUR 9.01 million to EUR 7.52 million.

	Q1 2009/10	Q1 2008/09	Change	Change
Group	in m €	in m €	in m €	in %
Sales	88.33	129.97	-41.64	-32.0%
EBITDA	7.52	9.01	-1.49	-16.5%
Depreciation/amortization	-4.08	-4.19	0.11	2.7%
EBIT	3.44	4.81	-1.38	-28.6%
EBITDA margin	8.5%	6.9%
EBIT margin	3.9%	3.7%
Employees	3,802	3,993	-191	-4.8%

There was no EURO 2008 to boost first quarter business this year as there had been last year. That was the main reason for the change in sales and earnings.

The staging of the EURO 2008 project in the first quarter of last year created a large volume of transitory sales involving infrastructure and services for guests purchased from third parties. To obtain a meaningful figure for comparison with the previous year, these transitory sales must be deducted from the total. Following this adjustment, the first quarter EBIT margin fell from 4.4 % to 3.9 % while the EBITDA margin totaled 8.5 % as compared with 8.3 % the previous year.

After correction for transitory sales	Q1 2009/10	Q1 2008/09
EBITDA margin adjusted	8.5%	8.3%
EBIT margin adjusted	3.9%	4.4%

Balance Sheet

Total assets as of 30 June 2009 amounted to EUR 176.74 million, a figure EUR 7.38 million higher than on 31 March 2009. This trend is caused by a seasonally induced rise in short-term balance sheet items. The equity ratio changed from 45.6 % as of 31 March 2009 to 45.5 % as of 30 June 2009.

Cash Flow

Total first-quarter cash flow amounted to EUR 2.84 million in 2009/2010 and was thus higher than the year before (previous year: EUR 1.26 million). The cash flow from operating activities declined from EUR 16.56 million to EUR 12.19 million. This decrease is attributable to a lower result for the period and to the fact that suppliers had not yet completed their billing of the EURO 2008 contract in the first quarter of last year. The cash flow from investing activities is lower than in the first quarter of 2008/2009 due to less investment activity. The lower cash flow from financing activities can be traced mainly to the lower scheduled repayments of financial liabilities.

Investments

Payments for investments in tangible and intangible fixed assets amounted to EUR 2.30 million. Key single items are investments undertaken at the Turkish DO & CO joint venture, renovation and expansion of the business location in Vienna, and the expansion of the Airline Catering facility in London.

Employees

The first-quarter figure for the average number of employees decreased to 3,802 in the current year from 3,993 last year. This change is due to the EURO 2008 project conducted in the first quarter of last year and to group-wide adjustments to personnel in response to the general economic situation. By contrast, personnel in Turkish operations actually increased after the joint venture assumed responsibility for additional services.

Airline Catering

Twenty-two gourmet kitchens provide passengers in First Class, Business Class and Economy Class with the fine culinary products that make up the DO & CO board menus. More than 60 airlines are supplied with DO & CO products at business locations in New York, London, Frankfurt, Berlin, Munich, Milan, Bratislava, Malta, Salzburg, Vienna, Linz and Graz and at nine further locations in Turkey.

The Airline Catering clientele at the various business locations includes the Austrian Airlines Group, Turkish Airlines, British Airways, Cathay Pacific, Emirates Airlines, Etihad Airways, Qatar Airways, Royal Air Maroc, South African Airways, KLM, Iberia, Air France and NIKI.

	Q1 2009/10	Q1 2008/09	Change	Change
Airline Catering	in m €	in m €	in m €	in %
Sales	61.39	63.00	-1.61	-2.6%
EBITDA	5.41	4.98	0.43	8.7%
Depreciation/amortization	-3.46	-3.12	-0.34	-10.8%
EBIT	1.95	1.86	0.09	5.0%
EBITDA margin	8.8%	7.9%
EBIT margin	3.2%	2.9%
Share of Group Sales	69.5%	48.5%

Airline Catering saw sharp declines in sales with its key account in Austria, but these losses were nearly offset by the excellent trend at international business locations. Business locations in Turkey fared especially well. DO & CO recognized changes in the demand situation early on in this business segment and adjusted quickly to market conditions.

Airline Catering posted first quarter sales of EUR 61.39 million in business year 2009/2010 (previous year: EUR 63.00 million). EBITDA increased by a slight EUR 0.43 million, from EUR 4.98 million to EUR 5.41 million, thanks to highly effective cost management and good utilization of capacity at international business locations. That corresponds to an EBITDA margin of 8.8 % (previous year: 7.9 %). EBIT increased by EUR 0.09 million, rising from EUR 1.86 million to EUR 1.95 million. The EBIT margin was thus 3.2 % (previous year: 2.9%).

International Event Catering

The change in sales and profit growth compared with the previous year can be traced mainly to the EURO 2008.

In general, there is a noticeable trend towards a reserved spend willingness by both companies as well as private customers. Nevertheless, DO & CO was able to improve its market position as customers often like to revert to brands with a clear content in times of a difficult market environment.

International	Q1 2009/10	Q1 2008/09	Change	Change
Event Catering	in m €	in m €	in m €	in %
Sales	11.95	50.66	-38.71	-76.4%
EBITDA	0.99	2.81	-1.82	-64.8%
Depreciation/amortization	-0.09	-0.49	0.40	81.8%
EBIT	0.90	2.32	-1.42	-61.2%
EBITDA margin	8.3%	5.6%
EBIT margin	7.5%	4.6%
Share of Group Sales	13.5%	39.0%

Two highlights should be mentioned in the large-scale international event segment. DO & CO was contracted to stage the Champions League Finals in Rome and the ATP tennis tournament, the Mutua Madrilena Madrid Open (with 34,000 VIP's!).

It should be noted that attendance at high-end soccer, tennis and equestrian events has dropped only very slightly compared with the overall market.

The EBITDA in the International Event Catering Division declined from EUR 2.81 million by EUR -1.82 million to EUR 0.99 million. This corresponds to an EBITDA margin of 8.3 % (previous year: 5.6 %). EBIT is EUR 0.90 million. As a result, the EBIT margin is at 7.5 % (previous year: 4.6 %).

The high proportion of transitory sales on guest infrastructure for the EURO 2008 affected the margins in the first quarter of last year. The previous year's EBITDA margin, adjusted by the margin-free sales, is 9.4 %; the adjusted EBIT margin is 7.8 %.

After correction for	Q1	Q1
transitory sales	2009/10	2008/09
EBITDA margin adjusted	8.3%	9.4%
EBIT margin adjusted	7.5%	7.8%

Restaurants, Lounges & Hotel

Restaurants, Lounges & Hotel saw first-quarter sales decline by -8.1 % in 2009/2010, to a figure of EUR 14.99 million (previous year: EUR 16.31 million). This can particularly be traced to the falling away of additional business during the EURO 2008. DO & CO was nevertheless able to maintain the result at last year's level through a timely adaptation of costs to meet changed market conditions.

Restaurants, Lounges	Q1 2009/10	Q1 2008/09	Change	Change
& Hotel	in m €	in m €	in m €	in %
Sales	14.99	16.31	-1.32	-8.1%
EBITDA	1.12	1.22	-0.10	-8.1%
Depreciation/amortization	-0.53	-0.58	0.05	8.4%
EBIT	0.59	0.64	-0.05	-7.8%
EBITDA margin	7.5%	7.5%
EBIT margin	3.9%	3.9%
Share of Group Sales	17.0%	12.5%

First-quarter EBITDA for Restaurants, Lounges & Hotel amounts to EUR 1.12 million in business year 2009/2010 (previous year: EUR 1.22 million). The EBITDA margin is at the same level as the previous year, namely 7.5 %. EBIT amounts to EUR 0.59 million. That corresponds to an EBIT margin of 3.9 % (previous year: 3.9 %).

DO & CO Stock/Investor Relations

The ATX posted considerable gains in the period under review, closing at 2,099 points on 30 June 2009. This figure represents an increase of 23.7 % compared with the closing level of 1,697 points on 31 March 2009.

Over this same period, the price of DO & CO shares rose by 6.2 %, closing on 30 June 2009 at a price of EUR 8.60. This price corresponds to market capitalization of EUR 66.76 million (taking into account the shares bought back as of the reporting date).

The stock buyback program begun in October of 2008 was continued. A total of 31,830 shares had been repurchased by 30 June 2009. That corresponds to 0.408 % of the share capital.

Outlook

In general, DO & CO is very well positioned in this extremely difficult market environment. DO & CO management sees the crisis as opening up many opportunities for further growth over the next 12 to 18 months.

A unique company culture, a high equity capital ratio, an innovative range of products as well as a high degree of flexibility within the in-house organization are significant competitive advantages in this difficult market environment.

A number of new invitations to tender are occurring in the airline catering sector, creating many opportunities for a flexible supplier such as DO & CO to add new customers to its clientele. Airlines are looking for innovative products at a reasonable price. With its innovative products and lean cost structures, DO & CO is uniquely positioned to satisfy the needs of today's market.

In International Event Catering, DO & CO has adapted effectively to the volatile market and adjusted its costs on time. DO & CO management hopes to improve the company's market position in this business segment, too, as seen in the first quarter trend.

Business at Restaurants, Lounges & Hotel is expected to remain stable. The division will focus on a project involving the construction of a hotel in a prime location in Istanbul. DO & CO is also working on further improving existing business locations.

Generally speaking, DO & CO's management is confident that it will continue its success course of the past few years also in the future. Innovations, excellently trained staff as well as the best standards for products and service enable DO & CO to achieve very good growth opportunities even in the future - despite a difficult market environment. Therefore, - barring unforeseen circumstances, particularly those outside DO & CO's sphere of influence - the expectation for 2009/2010 is that results will develop according to plan.

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

Financial liabilities less cash and cash equivalents and marketable securities listed under current assets

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 flow from operating activities plus cash flow 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 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 after deduction of the book values for goodwill

Unaudited Consolidated Financial Statements for the First Quarter of 2009/2010

Consolidated Balance Sheet as of 30 June 2009 (unaudited)

Assets	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Intangible assets	28,189	39,188	28,733	38,859
Tangible assets	57,319	50,512	57,548	43,631
Financial assets	1,650	1,732	1,536	1,576
Fixed assets	87,157	91,433	87,817	84,066
Other long-term assets	950	424	1,046	333
Long-term assets	88,108	91,857	88,863	84,399
Inventories	11,629	9,123	11,238	8,113
Trade accounts receivable	34,629	51,996	31,875	41,631
Other Short-term accounts receivable and assets	19,321	19,186	18,022	15,910
Cash and cash equivalents	17,965	27,667	15,132	26,069
Current assets	83,544	107,972	76,267	91,723
Deferred taxes	5,088	4,296	4,227	4,452
Total assets	176,740	204,125	169,357	180,574

Liabilities and shareholders' equity in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Nominal capital	15,590	15,590	15,590	15,590
Capital reserves	34,464	34,464	34,464	34,464
Revenue reserves	25,207	24,293	23,124	17,879
Foreign currency translation reserve	-6,230	-5,740	-6,502	-6,360
Own shares	-297	0	-162	0
Consolidated result	1,857	2,506	2,084	6,413
Equity attributable to the shareholders of the parent	70,591	71,113	68,598	67,987
Minority interests	13,158	11,103	12,075	9,850
Shareholders' equity	83,749	82,216	80,672	77,836

Long-term provisions	14,349	16,272	14,771	16,072
Long-term financial liabilities	8,000	12,488	8,503	14,337
Other long-term liabilities	200	4,188	225	6,730
Long-term liabilities	22,549	32,949	23,499	37,139

Short-term provisions	37,132	44,973	31,767	21,612
Short-term financial liabilities	1,315	1,553	6,699	6,100
Trade accounts payable	22,158	28,118	17,979	23,482
Other short-term liabilities	9,837	14,316	8,740	14,404
Current liabilities	70,442	88,960	65,185	65,598
Total liabilities and shareholders' equity	176,740	204,125	169,357	180,574

Consolidated Income Statement

for the First Quarter of 2009/2010 (unaudited)

			Business Year

			2007 / 2008

			354,625
			11,626
			-137,832
			-127,513
			-15,478
			0
			-70,768

3,438	4,814	8,607	14,660

			-385
			34
			14,274

			-5,197
			9,077

			-2,663
			6,413
	First Quarter 2009 / 2010 88,328 2,094 -34,590 -30,730 -4,082 0 -17,582 120 114 3,558 -946 2,612 -756 1,857	First Quarter 2008 / 2009 129,969 2,701 -65,400 -37,095 -4,194 0 -21,167 62 156 4,876 -1,803 3,073 -567 2,506	Business Year 2008 / 2009 387,775 15,080 -164,724 -133,945 -16,810 -3,410 -75,359 227 404 8,835 -3,488 5,346 -3,263 2,084

Other comprehensive income for the first quarter of 2009/2010

	First Quarter 2009 / 2010	First Quarter 2008 / 2009	Business Year 2008 / 2009	Business Year 2007 / 2008

Profit for the Year	2,612	3,073	5,346	9,077
Differences of Currency translation	681	933	-1,940	-1,482
Effect of Net Investment Approach	-69	529	918	-4,152
Income Tax of other comprehensive income and expensive	-13	-156	-158	1,681

Other comprehensive income after taxes	599	1,306	-1,179	-3,953

Total comprehensive income for the period	3,211	4,380	4,167	5,124
Attributable to minority interests	1,083	1,254	2,225	1,395
Attributable to shareholders of parent company	2,128	3,126	1,942	3,729

Key figures per share

Number of individual shares Weighted shares (number of individual shares)	First Quarter 2009 / 2010 7,763,370 7,768,785	First Quarter 2008 / 2009 7,795,200 7,795,200	Business Year 2008 / 2009 7,779,245 7,790,230	Business Year 2007 / 2008 7,795,200 7,795,200
Earnings per share 1	0.24	0.32	0.27	0.82

1... Based on the consolidated result

Consolidated Cash Flow Statement for the First Quarter of 2009/2010 (unaudited)

in TEUR		First Quarter 2009 / 2010	First Quarter 2008 / 2009	Business Year 2008 / 2009	Business Year 2007 / 2008
Profit before taxes		3,558	4,876	8,835	14,274
+ Depreciation and amortization		4,082	4,194	20,220	15,478
-/+ Gains / losses from disposals of fixed assets		-2	27	432	83
+/- Earnings from associated companies		-114	-156	-78	-34
-/+ Other non cash income Cash-flow from result		0 7,524	604 9,545	-838 28,570	497 30,298
receivable	-/+ Increase / decrease in inventories and short-term accounts	-5,779	-16,537	4,944	1,027
+/- Increase / decrease in provisions		6,137	21,658	5,644	-145
liabilities	+/- Increase / decrease in trade accounts payable and other	5,733	2,821	-11,843	-3,060
+/- Currency-related changes in non fund assets		-503	-1,756	-422	6,856
	+/- Change in adjustment items from debt consolidation	-82	373	761	-2,471
-	Income tax payments and changes in deferred taxes	-841	455	-2,991	-5,620
Cash-flow from operating activities		12,188	16,559	24,662	26,884

	+/- Income from disposals of tangible and intangible fixed assets	33	-27	211	277
	+/- Changes in cash and cash equivalents arising from changes	0	0	0	475
to the scope of consolidation - fixed assets	Outgoing payments from additions to tangible and intangible	-2,634	-5,921	-24,234	-8,736
-/+ Increase / decrease in long-term receivables		-729	-91	112	-9
Cash-flow from investing activities		-3,330	-6,039	-23,912	-7,994
- Dividend payment to shareholders + Capital increase		0 0	0 0	-1,169 0	-974 -934
+/- Cash-flow from purchase of own shares		-135	0	-162	0
+/- Increase / decrease in financial liabilities Cash-flow from financing activities		-5,887 -6,021	-9,263 -9,263	-10,522 -11,853	-14,807 -16,716
Total cash-flow		2,837	1,257	-11,103	2,175

	Cash and cash equivalents at the beginning of the year Effects of exchange rate changes on cash and cash	15,132	26,069	26,069	25,753
equivalents		-3	341	166	-1,859
Change in funds	Cash and cash equivalents at the end of the year	17,965 2,837	27,667 1,257	15,132 -11,103	26,069 2,175

Shareholders' Equity as of the first quarter of 2009/2010

		Th e i	uta ble sh mp are	to sh ho lde are rs	of the DO &	CO AG
in TE UR	mi l ca ita l No na p	Ca ita l p res erv es	Re ve nu e res erv es	Fo rei gn cur ren cy tra lat ion ns res erv es	Ow n sha res	Co oli da ted ns ult res	tal To	Min ori ty int sts ere	rs´ Sh ho lde are uit eq y
of 31 rch 20 08 As Ma	90 15 ,5	34 64 ,4	87 9 17 ,	-6, 36 0		0 6,4 13	67 98 7 ,	9, 85 0	83 6 77 ,
Con lt f the fir r 2 008 /20 09 st rte s. r esu or qua						2,5 06	2,5 06	567	3, 07 3
fit d f ard 07/ Pro rie 20 20 08 car orw			6,4 13			-6, 413	0		0
Cu tra nsl ati rre ncy on				24 7			24 7	686	93 3
Effe f N h ct o et Inv est nt A me ppr oac				37 3			37 3		37 3
To tal	0	0	6,4 13	62 0		0 -3, 90 7	3,1 26	1, 25 4	4, 38 0
Div ide nd 200 7/2 008 nt pay me							0		0
Ch har in ang es ow n s es							0		0
of As 30 Ju 20 08 ne	15 ,5 90	34 ,4 64	24 29 3 ,	-5, 74 0		0 2,5 06	71 ,11 3	11 ,1 03	82 21 6 ,
As of 31 Ma rch 20 09	15 ,5 90	34 ,4 64	23 ,1 24	-6, 50 2	-16	2 2, 08 4	68 ,5 98	12 07 5 ,	80 67 2 ,
lt f the fir r 2 009 /20 10 Con st rte s. r esu or qua						857 1,	85 1, 7	756	2, 61 2
Pro fit rie d f ard 20 08/ 20 09 car orw			2, 084			-2, 084	0		0
Cu nsl ati tra rre ncy on				35 4			35 4	328	68 1
Effe ct o f N et Inv est nt A h me ppr oac				-82			-82		-82
To tal	0	0	2, 08 4	27 2		0 -22 7	2,1 28	1, 08 3	3, 21 1
ide nd 8/2 Div nt 200 009 pay me							0		0
Ch in har ang es ow n s es					-13	5	-13 5		-13 5
of 30 20 09 As Ju ne	90 15 ,5	34 64 ,4	25 20 7 ,	-6, 23 0	-29	85 7 1, 7	70 91 ,5	13 8 ,15	83 9 ,74

Notes on Consolidated Financial Statements (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 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 2009/2010 as applied in the European Union and in application of the parent's standard group-wide accounting and valuation principles.

The interim financial statements as of 30 June 2009 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 conjunction with the consolidated financial statements as of 31 March 2009.

Unless otherwise indicated, the interim financial statements are stated in thousands of euros (TEUR), as are the figures in the Notes. In adding up rounded figures and percentages, rounding differences may occur due to the use of automated computing aids.

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 2009.

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 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 2009. 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 in an adjustment item 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 June 2009	30 June 2008	30 June 2009	30 June 2008
1 US Dollar	0.707514	0.634357	0.723377	0.640895
1 British Pound	1.173571	1.262228	1.146187	1.266692
1 Turkish Lira (formerly: New Turkish Lira)	0.462663	0.517518	0.465211	0.515908
1 Swiss Franc	0.655093	0.622820	0.659955	0.618844
1 Slovac Koruny	-	0.033107	-	0.032387

5. Seasonal Nature of Business

Fluctuations in business volume are significant in Airline Catering and International Event Catering. Business in Airline Catering is primarily influenced by the larger volume of flights and passengers among airline customers in the first and second quarters of the business year due to the holiday and charter season whereas the main factor for International Event Catering is the changing dates of large-scale sports events.

Notes to the Balance Sheet

(1) Fixed Assets

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Intangible assets	28,189	39,188	28,733	38,859
Tangible assets	57,319	50,512	57,548	43,631
Financial assets	1,650	1,732	1,536	1,576

Total	87,157	91,433	87,817	84,066

Financial assets include the investment in Sky Gourmet Malta Ltd., Sky Gourmet Malta Inflight Services Ltd. and the ISS Ground Services GmbH, consolidated at equity.

(2) Inventories

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Raw materials and supplies	7,090	3,749	5,460	3,836
Goods	4,538	5,374	5,778	4,277
Total	11,629	9,123	11,238	8,113

(3) Trade Accounts Receivable Other Short-term Accounts Receivable and Assets

30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008

34,629	51,996	31,875	41,631
631	387	631	537
			14,463
1,099	928	882	910
19,321	19,186	18,022	15,910

53,950	71,182	49,897	57,541
	17,591	17,871	16,509

The increase in trade accounts receivable compared with 31 March 2009 is seasonally related. Other accounts receivable consist mainly of credit balances with tax authorities.

(4) Cash and Cash Equivalents

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Cash, checks	540	694	499	803
Cash at banks	17,425	26,974	14,633	25,266
Total	17,965	27,667	15,132	26,069

(5) Long-term Financial Liabilities

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Liabilities to banks	8,000	12,488	8,503	14,337
Total	8,000	12,488	8,503	14,337

The decrease in long-term financial liabilities results from the repayment of a loan to finance the Joint Venture in Turkey.

(6) Other Short-term Provisions

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
Provisions for taxation	7,145	4,821	7,547	3,142
Other personnel provisions	10,420	10,054	9,702	11,117
Deliveries and services not yet invoiced	4,904	20,576	2,078	1,978
Other provisions	14,663	9,522	12,441	5,375
Total	37,132	44,973	31,767	21,612

The change in other provisions is due to the increase in provisions for anticipated customer bonuses. Deliveries and services not yet invoiced increased mainly due to provisions allocated for event business.

(7) Short-term Financial Liabilities

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008
EUR cash advances	1,315	1,553	6,699	6,100
Total	1,315	1,553	6,699	6,100

A cash advance was repaid as a result of sufficient liquidity.

(8) Trade Accounts Payable

in TEUR	30 June 2009	30 June 2008	31 Mar 2009	31 Mar 2008

Trade accounts payable	22,158	28,118	17,979	23,482

Advance payments received on orders	417	1,334	989	5,565
Other liabilities	9,108	12,828	7,655	8,632
Deferred income	312	154	96	208
Total other short-term liabilities	9,837	14,316	8,740	14,404

Total	31,995	42,434	26,719	37,886

The increase in trade accounts payable compared with 31 March 2009 is seasonally related.

Contingent Liabilities

The contingent liabilities are bank guarantees to secure claims from rental relationships as well as to secure tax repayments towards the Italian fiscal authorities and to secure delivery guarantees granted by the Turkish Joint Venture. As at reporting date on 30 June 2009, these contingent liabilities amounted to TEUR 12,080.

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 handled 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 generated in the first quarter of 2009/2010 from these activities. Corresponding trade accounts receivable are contained in the amounts owed by Turkish Airlines. Long-term liabilities are also shown in the consolidated balance sheet in connection with the financing of THY DO & CO Ikram Hizmetleri A.S.

Notes to the Income Statement

(9) Sales

	First Quarter	First Quarter	Business Year	Business Year
in TEUR	2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Airline Catering	61,394	63,002	246,842	251,957
International Event Catering	11,947	50,657	76,873	41,645
Restaurants, Lounges & Hotel	14,987	16,310	64,061	61,023
Total	88,328	129,969	387,775	354,625

(10) Other Operating Income

	First Quarter	First Quarter	Business Year	Business Year
in TEUR	2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Proceeds of the disposal of fixed assets	33	27	154	0
Income from the release of provisions	99	57	2,590	1,792
Release of provisions for bad debts	5	0	304	1,107
Insurance payments	21	5	156	65
Rent income	38	23	117	127
Exchange rate differences	1,054	1,970	8,828	5,077
Miscellaneous operating income	845	619	2,931	3,457

Total	2,094	2,701	15,080	11,626

The decline in other operating income was mainly attributable to the lower revenue derived from exchange rate differences. Other operating expenses contain exchange rate losses of TEUR 810.

(11) Cost of Materials and Services

	First Quarter	First Quarter	Business Year	Business Year
in TEUR	2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Costs of materials (including goods purchased for	29,260	34,780	116,587	112,368
Costs of services	5,330	30,620	48,137	25,464
Total	34,590	65,400	164,724	137,832

The reduction of these items is attributable to the EURO 2008, which took place in the first quarter of the previous year.

(12) Payroll Costs

	First Quarter	First Quarter	Business Year	Business Year
in TEUR	2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Wages	20,070	23,234	80,673	78,622
Salaries	4,784	5,649	22,044	21,128
Expenses for severance payments	674	1,122	3,903	1,133
Expenses for legally mandanted social security contributions and for related costs	4,507	6,197	23,208	22,817
Other social expenses	694	894	4,116	3,813

Total	30,730	37,095	133,945	127,513

Payroll costs fell due to the staging of the EURO 2008 in the first quarter of last year and to other personnel adjustments.

(13) Other Operating Expenses

	First Quarter	First Quarter	Business Year	Business Year
in TEUR	2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Other taxes (excluding income taxes)	254	463	1,306	1,728
Rentals, leases and operating costs (including airport	9,469	10,748	37,664	34,631
Travel and communication expense	1,652	2,944	7,063	7,090
Transport, vehicle expense and maintenance	2,332	2,583	9,126	8,705
Insurance	172	275	991	798
Legal, auditing and consulting expenses	789	613	2,762	2,538
Advertising expense	152	199	706	543
Other personnel costs	85	232	538	837
Miscellaneous operating expenses	1,274	636	2,310	2,331
Value adjustments, losses on bad depts	97	327	1,486	899
Exchange rate differences	810	1,541	8,606	8,407
Accounting losses from the disposal fo fixed assets	30	0	277	292
Other administrative expenses	465	604	2,524	1,970

Summe	17,582	21,167	75,359	70,768

There was a clear drop in other operating expenses compared to same period in the previous year. This drop can primarily be attributed to the EURO 2008 which took place in the first quarter of the previous year.

(14) Financial Result

	First Quarter	First Quarter	Business Year	Business Year
in TEUR	2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Income from participations
Results from investments	114	156	404	618
of which from associated companies	114	156	404	34
Total income from participations	114	156	404	618

Result from other financial activities
Income from other securities carried under fixed	0	28	27	9
Interest and similar income	105	302	967	1,365
Interest and similar expenses	-99	-425	-1,171	-2,378
Total result from other financial activities	6	-94	-177	-1,003

Total	120	62	227	-385

The improvement in the financial result is essentially due to a lower interest expense.

(15) Income Tax

		First Quarter	First Quarter	Business Year	Business Year
in TEUR		2009 / 2010	2008 / 2009	2008 / 2009	2007 / 2008
Income tax expenses		1,634	1,705	4,842	1,444
	thereof non periodic	0	0	-195	290
Deffered tax		-687	98	-1,353	3,753

Total		946	1,803	3,488	5,197

Active tax deferrals and accruals were created in the first quarter.

The tax effects of other comprehensive income are as follows:

in TEUR	30 June 2009			30 June 2008
	Gross	Taxes	Net	Gross	Taxes	Net
Differences of Currency translation Effect of Net Investment Approach	681 -69	0 -13	681 -82	933 529	0 -156	933 373
Other comprehensive income after taxes	612	-13	599	1,463	-156	1,306

(16) Segment Reporting

Group 1. Quarter 2009/2010		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	TOTAL
Sales	in m €	61.39	11.95	14.99	88.33
EBITDA	in m €	5.41	0.99	1.12	7.52
Depreciation/amortization	in m €	-3.46	-0.09	-0.53	-4.08
EBIT	in m €	1.95	0.90	0.59	3.44
EBITDA margin		8.8%	8.3%	7.5%	8.5%
EBIT margin		3.2%	7.5%	3.9%	3.9%
Share of Group Sales		69.5%	13.5%	17.0%	100.0%
Investments	in m €	2.03	0.18	0.09	2.30

The segment reporting by division is as follows for the first quarter of 2009/2010:

DO & CO has two customers each of whom accounts for more than 10 % of consolidated sales. These sales are included in Airline Catering Division as well as in the Restaurants, Lounges & Hotel division.

The comparative period to the previous year is as follows:

Group 1. 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		7.9%	5.6%	7.5%	6.9%
EBIT margin		2.9%	4.6%	3.9%	3.7%
Share of Group Sales		48.5%	39.0%	12.5%	100.0%
Investments	in m €	8.40	0.46	0.20	9.07

Segment assets comprise of the following:

Group 1. Quarter 2009/2010		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	TOTAL
Fixed assets	in m €	78.40	1.18	7.58	87.16
Inventories	in m €	9.39	1.07	1.16	11.63
Trade accounts receivables	in m €	27.50	3.56	3.57	34.63