DO & CO AG — Interim / Quarterly Report 2011

Aug 18, 2011

DO & CO Restaurants & Catering AG

First Quarter 2011/2012 (unaudited)

TABLE OF CONTENTS

Management Report on the DO & CO Group
for the First Quarter of 2011/2012 (unaudited) 1
Key Figures of the DO & CO Group in accordance with IFRS 1
Sales 2
Earnings 3
Statement of Financial Position 3
Cash Flow 4
Employees 4
Airline Catering 5
International Event Catering 7
Restaurants, Lounges & Hotel 8
DO & CO Stock/ Investor Relations/ Notes in Accordance with §243a Austrian
Business Enterprise Code (UGB) 9
Outlook 12
Glossary of Key Figures 14
Consolidated Financial Statements
for the First Quarter of 2011/2012 (unaudited) 15
Consolidated Balance Sheet as of 30 June 2011 (unaudited) 16
Income Statement for the Group (unaudited) 16
Statement of Cash Flows for the Group (unaudited) 17
Changes in Shareholders' Equity for the Group (unaudited) 18
Statement of Comprehensive Income for the Group (unaudited) 18
Subsidiaries 19
Notes to the Consolidated Financial Statements (unaudited) 20
I. General Information 20
II. Notes to the Statement of Financial Position and Income Statement for the Group 22
II.1. Statement of Financial Position for the Group 22
II.2. Income Statement for the Group 25

Management Report on the DO & CO Group for the First Quarter of 2011/2012 (unaudited)

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

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

		1 st Quarter 2011/2012	1 st Quarter 2010/2011	Business Year 2010/2011	Business Year 2009/2010
Sales	m €	116.95	102.13	426.07	352.74
EBITDA	m €	10.77	8.98	45.84	36.03
EBITDA margin	%	9.2%	8.8%	10.8%	10.2%
EBIT	m €	6.79	4.81	28.32	18.57
EBIT margin	%	5.8%	4.7%	6.6%	5.3%
Profit before taxes	m €	7.65	5.26	30.85	19.26
Consolidated result	m €	4.31	2.34	15.43	9.66
Employees		4,043	3,638	3,794	3,542
Equity 1	m €	146.45	92.53	143.58	87.34
Equity ratio 1	%	54.3%	46.1%	57.8%	50.9%
Net debts	m €	-115.75	-41.17	-109.31	-29.17
Net gearing	%	-79.0%	-44.5%	-76.1%	-33.4%
Working Capital	m €	82.79	19.57	78.02	17.43
Operational cash-flow	m €	10.52	16.15	57.67	45.85
Depreciation/amortization	m €	-3.98	-4.16	-17.52	-17.46
Free cash-flow	m €	8.26	12.56	41.71	31.47
ROS	%	6.5%	5.1%	7.2%	5.5%
Capital Employed	m €	45.85	66.79	49.48	73.58
ROCE	%	10.4%	4.3%	33.3%	15.5%
ROE	%	3.0%	2.6%	13.4%	11.9%

1 … Adjusted to take book value of goodwill into account

Per Share Ratios

(calculated with the weighted number of issued shares)

		1 st Quarter	1 st Quarter	Business Year	Business Year
		2011/2012	2010/2011	2010/2011	2009/2010
EBITDA per share	€	1.11	1.17	5.49	4.66
EBIT per share	€	0.70	0.63	3.39	2.40
Earnings per share	€	0.44	0.31	1.85	1.25
Equity (book entry) 1	€	15.03	12.08	17.19	11.31
High 2	€	34.00	19.75	33.45	16.40
Low 2	€	29.00	15.00	15.00	7.70
Price at the end of the period 2	€	34.00	19.49	30.15	16.00
Weighted number of shares 3	TPie	9,744	7,660	8,350	7,725
Number of shares at the end of the period 3	TPie	9,744	7,656	9,744	7,663
Market capitalization at the end of the period	m €	331.30	149.22	293.78	122.62

1 … Adjusted to take book value of goodwill into account

2 … Closing price

3 … Adjusted by own shares held

Sales

In the first quarter of 2011/2012, the DO & CO Group rang up sales of EUR 116.95 million, a plus of 14.5% or EUR 14.82 million over the first quarter of the previous business year.

Sales		st Quarter 1
		2011/2012	2010/2011	Change	Change in %
Airline Catering	m €	85.62	75.75	9.87	13.0%
International Event Catering	m €	15.32	11.38	3.95	34.7%
Restaurants, Lounges & Hotel	m €	16.01	15.00	1.00	6.7%
Group Sales		116.95	102.13	14.82	14.5%

Share of Group Sales		st Quarter 1
		2011/2012	2010/2011
Airline Catering	%	73.2%	74.2%
International Event Catering	%	13.1%	11.1%
Restaurants, Lounges & Hotel	%	13.7%	14.7%
Group Sales		100.0%	100.0%

The Airline Catering division managed to raise its sales in the first three months of 2011/2012 from EUR 75.75 million by EUR 9.87 million to EUR 85.62 million, in spite of a difficult market environment.

This growth in sales of the Airline Catering division was achieved by all locations operated by DO & CO. Turkey recorded a sales plus from Turkish Airlines as much as from third-party customers. At the other locations, higher sales were due to the acquisition of new customers as well as an increase of the business volume from existing customers.

Sales at the International Event Catering division rose from EUR 11.38 million in the first quarter of 2010/2011 to EUR 15.32 million in this year's first quarter.

This ample gain was fueled by major sports events on the one hand and an extension of the business volume from regular events.

For the Restaurants, Lounges & Hotel division, sales amounted to EUR 16.01 million, a plus over the level of the corresponding previous year's quarter (EUR 15.00 million).

The growth was generated by further improvements of existing locations, especially with regard to the lounges, and the new "Henry" gourmet brand.

Earnings

Consolidated earnings before interest and taxes (EBIT) for the DO & CO Group amounted to EUR 6.79 million for the first quarter of the 2011/2012 business year, higher by EUR 1.98 million than in the previous business year's first quarter. The EBIT margin could be raised from 4.7% in the past year to 5.8% in the first quarter of 2011/2012. EBITDA for the DO & CO Group was EUR 10.77 million, an increase of EUR 1.79 million over the figure for the previous year. The EBITDA margin was reported at 9.2% (PY: 8.8%).

Group		st Quarter 1
		2011/2012	2010/2011	Change	Change in %
Sales	m €	116.95	102.13	14.82	14.5%
EBITDA	m €	10.77	8.98	1.79	20.0%
Depreciation/amortization	m €	-3.98	-4.16	0.19	4.4%
EBIT	m €	6.79	4.81	1.98	41.1%
EBITDA margin	%	9.2%	8.8%
EBIT margin	%	5.8%	4.7%
Employees		4,043	3,638	405	11.1%

Costs of materials and services as a proportion to sales rose to 43.2% from 41.6% in the previous period. In absolute figures, cost of materials increased by EUR 8.03 million (+18.9%) at a sales growth rate of 14.5%.

Personnel expenses in terms of sales could be cut from 32.6% to 31.4% in the first three months of 2011/2012. In absolute figures, they rose from EUR 33.30 million to EUR 36.71 million.

Depreciation and amortization were EUR 3.98 million in the first quarter of 2011/2012, slightly lower than in the previous year.

Other operating expenses grew by EUR 1.59 million or 8.2%.

The tax ratio (taxes as a proportion of the untaxed income) was 26.6% in the first quarter of the 2011/2012 business year (compared to 36.1% in the previous year).

For the first quarter of 2011/2012, the Group achieved a profit of EUR 4.31 million, a plus of EUR 1.97 million in year-on-year terms. Earnings per share thus are EUR 0.44.

Statement of Financial Position

Current assets were up by EUR 22.94 million over the balance sheet day of 31 March 2011, driven by an increase in liquid funds and by a seasonally fueled rise in accounts receivable.

Consolidated equity (adjusted by scheduled dividend payments and goodwill book values) recorded a rise by EUR 2.87 million, from EUR 143.58 million as of 31 March 2011 to EUR 146.45 million as of 30 June 2011.

The equity ratio (after adjustment by scheduled dividend payments and goodwill book values) is set at 54.3% (vs. 57.8% on 31 March 2011). The lower equity ratio is the result, mainly, of a seasonally-driven rise in the balance sheet total.

Current liabilities showed a substantial increase over the previous year, rising by EUR 18.17 million to EUR 102.67 million, as a consequence mainly of an expansion of business activities.

Cash Flow

At EUR 10.52 million, the cash flow from operating activities was lower by EUR 5.63 million than in the previous year. The main causes were an increase in current assets and higher prepayments of taxes.

Cash flow from investment declined against last year's level to EUR –2.26 million (compared to EUR –3.60 million in the previous reference period).

The cash flow from financing activities totaled EUR 0 million (PY: EUR –0.59 million).

Employees

The average number of employees increased from 3,638 to 4,043 in year-on-year terms. This change was due mostly to the enlargement of the company's business activities in Turkey, Austria, the UK and USA.

Airline Catering

Consistently pursuing its premium strategy, Airline Catering as the largest division within DO & CO was able to continue its strong growth rates in sales and profits.

Globally, the DO & CO gourmet kitchens operating in New York, London, Frankfurt, Munich, Milan, Malta, Salzburg, Vienna, Linz, Graz and another nine locations in Turkey established new standards in the premium segment of the airline catering sector.

DO & CO has accumulated more than 60 airlines in its customer portfolio, among them the key domestic customers such as the Austrian Airlines Group and NIKI and numerous prestigious international names such as Turkish Airlines, British Airways, Singapore Airlines, Oman Air, Cathay Pacific, Emirates Airlines, Etihad Airways, Qatar Airways, Royal Air Maroc, South African Airways, Jet Airways, Iberia and Air France.

The success of DO & CO's premium strategy is manifest in the top rankings accorded to our customers in the catering review made by the authoritative World Airline Awards 2011. Austrian Airlines was ranked no. 1 in the World's Best Business Class Catering category. Turkish Airlines made second place in World's Best Business Class, Premium Economy Class and Economy Class Catering.

Airline Catering		st Quarter 1
		2011/2012	2010/2011	Change	Change in %
Sales	m €	85.62	75.75	9.87	13.0%
EBITDA	m €	8.02	6.72	1.30	19.4%
Depreciation/amortization	m €	-3.50	-3.42	-0.08	-2.3%
EBIT	m €	4.52	3.30	1.22	37.0%
EBITDA margin	%	9.4%	8.9%
EBIT margin	%	5.3%	4.4%
Share of Group Sales	%	73.2%	74.2%

In the first quarter of the 2011/2012 business year, the Airline Catering division reported sales of EUR 85.62 million, corresponding to a growth rate of 13.0% over the previous year's period. At 73.2%, the division's contribution to Group sales remained at the past year's level.

EBITDA and EBIT once again grew substantially in year-on-year terms. At EUR 8.02 million, EBITDA is higher by EUR 1.30 million (+19.4%). EBIT rose from EUR 3.30 million to EUR 4.52 million (+37.0%). Airline Catering's EBIT margin could be raised from 4.4% in the first quarter of 2010/2011 to 5.3% in the current business year's first quarter.

In the first three months of the 2011/2012 business year, all DO & CO locations managed to increase their sales vis-à-vis last year's figures and to strengthen their market position. Contributors to their excellent performance were new customers as well as brisk business with existing customers. The London Heathrow location launched its catering service for two daily long-distance runs operated by Jet Airways, an Indian airline, to Delhi and for a daily longdistance flight to Mumbai. Moreover, this quarter's figures are the first to include the Emirates account at London Heathrow which was obtained last year and which involves five daily longdistance flights to Dubai.

At New York's JFK Airport, the DO & CO location was also able to increase its business volume. It renewed its contracts with the Asian quality carrier Cathay Pacific and with Turkish Airlines, and both airlines increased their flight frequencies. In Germany, the DO & CO portfolio of quality-focused and service-oriented airlines could be further extended through Oman Air, Qatar Airways and Gulf Air. Oman Air was also added as a new customer at the Malpensa Airport in Milan. These new acquisitions enabled us not only to compensate for the cuts in airline catering made by some of our customers, but actually to considerably boost the business volume of the Airline Catering division.

International Event Catering

International Event Catering			st Quarter 1
		2011/2012	2010/2011	Change	Change in %
Sales	m €	15.32	11.38	3.95	34.7%
EBITDA	m €	1.52	1.11	0.41	36.5%
Depreciation/amortization	m €	-0.19	-0.26	0.07	27.2%
EBIT	m €	1.33	0.85	0.48	56.1%
EBITDA margin	%	9.9%	9.8%
EBIT margin	%	8.7%	7.5%
Share of Group Sales	%	13.1%	11.1%

The International Event Catering division rang up EUR 15.32 million in sales in the first quarter of 2011/2012, a plus of 34.7% over the previous year (from EUR 11.38 million). The growth was due mostly to a roster of major events, a field where DO & CO has risen to become a leading provider worldwide.

In the first quarter of the 2011/2012 business year the division handled seven Formula 1 grand prix races and two other large-scale sports events.

In Madrid, the annual venue of a tennis tournament as part of the ATP Tennis Masters Series, the international DO & CO event team was once again responsible for the culinary services for some 34,000 VIPs and the tournament players themselves.

London was the venue for determining Europe's best football club within the scope of the UEFA Champions League. At the traditional Wembley Stadium DO & CO again acted as the culinary host for over 7,000 VIP guests. The regular events segment also reported a boost in its sales figures.

With an EBITDA of EUR 1.52 million in the first quarter of the 2011/2012 business year, the International Event Catering division exceeded the previous year's quarter (EUR 1.11 million). EBITDA margin amounts to 9.9% (PY: 9.8%). Its EBIT could be increased from EUR 0.85 million in the first quarter of the prior business year to EUR 1.33 million, and its EBIT margin similarly surpassed the previous year's figure (8.7% vs. 7.5%).

Restaurants, Lounges & Hotel

Restaurants, Lounges & Hotel			st Quarter 1
		2011/2012	2010/2011	Change	Change in %
Sales	m €	16.01	15.00	1.00	6.7%
EBITDA	m €	1.23	1.14	0.08	7.3%
Depreciation/amortization	m €	-0.29	-0.49	0.19	40.0%
EBIT	m €	0.93	0.66	0.28	42.2%
EBITDA margin	%	7.7%	7.6%
EBIT margin	%	5.8%	4.4%
Share of Group Sales	%	13.7%	14.7%

In the first quarter of the 2011/2012 business year, the Restaurants, Lounges & Hotel division boosted sales by 6.7%, from EUR 15.00 million in the previous year's period to EUR 16.01 million. Growth was due chiefly to the lounges segment and the "Henry" gourmet brand. The restaurants continue to operate at full capacity, managing to give a boost to their earnings.

EBITDA, amounting to EUR 1.23 million, could be increased by 7.3% over the previous year's period (EUR 1.14 million). At 7.7%, the EBITDA margin was slightly above that of the corresponding quarter in 2010/2011 (7.6%). EBIT was raised from EUR 0.66 million in the first quarter of the 2010/2011 business year to EUR 0.93 million. At 5.8%, the EBIT margin is also up from the previous year's quarter (4.4%).

DO & CO Stock/ Investor Relations/ Notes in Accordance with §243a Austrian Business Enterprise Code (UGB)

DO & CO Stock

In the first quarter of 2011/2012, the price of DO & CO stock rose by 12.8% on the Vienna Stock Exchange, trading at a maximum of EUR 34.00 at the closure of 30 June 2011. Compared to this, the Austrian ATX index lost 4.0% over the same period, closing at 2,766.73 points on 30 June 2011.

At the Istanbul Exchange, DO & CO stock enjoyed an even steeper rise of 26.0% over the same period, closing with a maximum price of TRY 81.25 at the ISE100 on 30 June 2011. With this increase, the DO & CO stock grew at a markedly better rate than the Turkish ISE100 index which fell by 1.8% to 63,269.40 points in the same period.

DO & CO Stock in EUR | ATX (Austrian Traded Index)

DO & CO Stock in TRY | ISE 100 (Istanbul Stock Exchange)

Trading Volume

The average daily volume of DO & CO stock traded at the Vienna Stock Exchange was TEUR 124.99 in the first three months of the 2011/2012 business year. Same as in the past business year, the average daily volume of DO & CO shares traded at the Istanbul Exchange was considerably higher, ranging at TRY 2.63 million in the reporting period.

General Meeting of Shareholders

The 13th General Meeting of Shareholders of DO & CO Restaurants & Catering AG, held on 7 July 2011, decided to distribute a dividend of EUR 0.35 per dividend-bearing share for the 2010/2011 business year.

Share Indices

		st Quarter 1	st Quarter 1
		2011/2012	2010/2011
High 1	€	34.00	19.75
Low 1	€	29.00	15.00
Price at the end of the period	€	34.00	19.49
Weighted number of shares 2	Tpie	9,744	7,660
Number of shares at the end of the period 2	TPie	9,744	7,656
Market capitalization at the end of the period	m €	331.30	149.22

1 … Closing price

2 … Adjusted by own shares held

Shareholders' Structure at DO & CO Restaurants & Catering AG

The private foundation Attila Dogudan Privatstiftung holds a stake of 40.95% as of 30 June 2011. DZR Immobilien und Beteiligungs GmbH (an indirectly wholly-owned subsidiary of Raiffeisen-Holding Niederösterreich-Wien reg. Gen.m.b.H.) holds a stake of 12.00%. The remaining shares of 47.05% are in free float.

Information on the DO & CO Stock

ISIN	AT0000818802
Reuters Code	DOCO.VI, DOCO.IS
Bloomberg Code	DOC AV, DOCO.IT
Indices	ATX Prime, ISE100
WKN	081880
Listed at	Vienna, Istanbul
Currency	EUR; TRY

Financial Calendar

17 November 2011	Result of the first half year of 2011/2012
09 February 2012	Result of the first three quarters of 2011/2012

Investor Relations

In the first quarter of 2011/2011, the management of DO & CO Restaurants & Catering AG held talks with international institutional investors and financial analysts in the course of investor conferences and road shows in Istanbul, London, Boston and New York.

All published materials and information of interest on DO & CO stock are posted under Investor Relations on the DO & CO homepage at www.doco.com.

In the first quarter of 2011/2012, the number of international banks monitoring the DO & CO stock rose from five to seven. In addition to analytical reports by Erste Bank, UniCredit, Wood Company, Renaissance Capital, İş Yatırım, similar reports on the DO & CO stock are now available from Eczacıbaşı Securities and Garanti Securities. Analysts calculate the average upside price objective at EUR 39.

For more information please contact:

Investor Relations Email: investor.relations@doco.com

Outlook

DO & CO considers that its singular business model, characterized as it is by its strong diversification, continues to offer excellent growth prospects in spite of a volatile market environment.

As has been shown several times in the past, DO & CO builds its business concept on the value added by its customers and on a strong focus on quality and innovation at competitive costs.

Flexibility and a unique company structure, driven by particularly committed staff, are the best basis to gain new customers and to survive in a rapidly changing market, also in new business lines.

In Turkey, DO & CO's activity to position itself as a one-stop supplier of airline catering services confirms its course as a sound and successful strategy. The wide range of services – from classic catering and handling to global equipment and beverage management, a state-of-theart cabin crew training center and the deployment of "DO & CO Flying Chefs" on all longdistance flights operated by Turkish Airlines – provides the underpinnings for further expansion on the Turkish market.

Distribution activities at the international DO & CO locations will continue to concentrate on acquiring new customers – DO & CO participates in many major airline catering tenders.

The International Event Catering division is once again set to cater to numerous events of highly variable scales, both at national and international level, across the 2011/12 business year.

In July, DO & CO was scheduled to once again handle the catering for the CHIO jumping competition in Aix-la-Chapelle. The same month also saw the second event of the joint venture with Fortnum & Mason: the Tatton Flower Show near Manchester.

The next stops of the Formula 1 grand prix racing calendar for the second quarter will be in Europe (United Kingdom, Germany, Hungary, Belgium and Italy). The third quarter, on the other hand, will be given over to overseas races: next to the traditional races in Japan, Korea and Abu Dhabi, India will for the first time be a venue of the foremost event in motor sports.

Preparations are being stepped up for the major project involving UEFA's EURO 2012 in Poland and Ukraine. For the third time in a row, DO & CO will be the exclusive caterer and hospitality partner of UEFA for the European football championship. For 24 days, some 100,000 VIP guests will enjoy culinary highlights at eight different venues. DO & CO will also be responsible for the local staff catering and for organizing the entire infrastructure – such as fully equipped tents, guest attendants, security, entertainment, cleaning, etc.

The Restaurants, Lounges & Hotel division further intensified the close business relationship with Turkish Airlines through the opening of a new lounge in Istanbul. This lounge, comprising some 3,000 sqm in space, is not just one of the largest in Europe but also extremely innovative thanks to its unsurpassed portfolio of services, providing passengers with a wide range of attractions that are designed to improve customer loyalty and, ultimately, ensure a higher inflow of guests.

The Restaurants, Lounges and Hotel division is also concentrating on its new retail segment. Based on its experience acquired from the first shop at Neuer Markt in Vienna, DO & CO intends to expand its "Henry" brand to new locations in Vienna and other European cities.

In addition, the division pushes its project work to build the hotel in Istanbul. Construction works have already begun and proceed according to schedule.

For the classic DO & CO restaurants, such as those at Stephansplatz and Albertina, and for its Vienna hotel, DO & CO expects that the highly positive growth will continue throughout the rest of the business year.

Having completed its capital increase in December 2010, DO & CO has intensified its evaluation of likely targets for acquisition. Markets for potential acquisition include the Middle East, CIS states, Poland, India and Asia.

Generally, the DO & CO management is highly confident that it can continue the successful performance of the past years. A focus on innovation, superior product and service standards and excellently trained and motivated staff provide the underpinnings for making the best possible use of all growth potentials.

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 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

Consolidated Financial Statements

for the First Quarter of 2011/2012 (unaudited)

of the DO & CO Group according to IFRS

Consolidated Balance Sheet as of 30 June 2011 (unaudited)

Note	Assets in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
	Intangible assets	18,208	24,959	19,922	25,352
	Tangible assets	58,035	62,408	58,830	59,143
	Financial assets	1,994	1,782	1,850	1,645
(1)	Fixed assets	78,237	89,149	80,601	86,140
(2)	Other long-term assets	3,282	1,898	3,277	1,770
	Long-term assets	81,519	91,047	83,878	87,910
(3)	Inventories	14,964	11,959	13,436	10,333
(4)	Trade accounts receivable	43,074	41,543	31,870	31,213
(4)	Other Short-term accounts receivable and assets	15,086	15,112	11,308	14,026
(5)	Cash and cash equivalents	115,745	41,980	109,312	29,171
	Current assets	188,868	110,594	165,926	84,742
	Deferred taxes	3,338	3,177	2,794	3,116
	Total assets	273,726	204,818	252,598	175,768
Note	Liabilities and shareholders' equity in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
	Nominal capital	19,488	15,590	19,488	15,590
	Capital reserves	70,602	34,464	70,602	34,464
	Revenue reserves	47,215	33,701	31,787	24,043
	Foreign currency translation reserve	-8,287	-3,345	-6,927	-5,636
	Own shares	0	-1,337	0	-1,221
	Consolidated result	4,310	2,343	15,428	9,659
	Equity attributable to the shareholders of the parent	133,329	81,417	130,379	76,898
	Minority interests	20,586	17,113	20,665	16,442
(6)	Shareholders' equity	153,915	98,530	151,044	93,340
(7)	Long-term provisions	17,145	17,215	17,062	16,805
	Other long-term liabilities	0	0	0	257
	Long-term liabilities	17,145	17,215	17,062	17,062
(8)	Short-term provisions	50,470	47,469	43,278	36,185
	Short-term financial liabilities	0	809	0	0
(9)	Trade accounts payable	37,575	29,583	30,374	21,625
(9)	Other short-term liabilities	14,621	11,212	10,841	7,555
	Current liabilities	102,666	89,073	84,493	65,366
	Total liabilities and shareholders' equity	273,726	204,818	252,598	175,768

Income Statement for the Group (unaudited)

for the first quarter of 2011/2012

		1 st Quarter	1st Quarter	Business Year	Business Year
Note	in TEUR	2011/2012	2010/2011	2010/2011	2009 / 2010
(10)	Sales	116,949	102,127	426,068	352,744
(11)	Other operating income	1,991	1,992	10,296	9,905
(12)	Costs of materials and services	-50,468	-42,438	-177,749	-140,403
(13)	Personnel expenses	-36,711	-33,301	-136,114	-119,752
(14)	Depreciation of tangible fixed assets and amortization of intangible fixed assets	-3,979	-4,164	-17,524	-17,040
	Impairment of tangible fixed assets and intangible fixed assets	0	0	0	-421
(15)	Other operating expenses	-20,992	-19,404	-76,658	-66,467
	EBIT - Operating result	6,790	4,811	28,321	18,567
(16)	Financial result thereof from associated companies	859 144	446 137	2,528 462	690 157
	Profit before taxes	7,649	5,258	30,848	19,257
(17)	Income tax	-2,032	-1,898	-8,452	-6,138
	Profit for the Year	5,617	3,360	22,397	13,119
(18)	Minority interests	-1,307	-1,017	-6,969	-3,460
	Consolidated result	4,310	2,343	15,428	9,659

Key Figures per share

Issued shares (in Pie) Weighted shares (in Pie)	1 st Quarter 2011/2012 9,744,000 9,744,000	1 st Quarter 2010/2011 7,656,475 7,659,760	Business Year 2010/2011 9,744,000 8,350,246	Business Year 2009 / 2010 7,663,460 7,725,246
Earnings per share	0.44	0.31	1.85	1.25

Statement of Cash Flows for the Group (unaudited)

		1 st Quarter	1st Quarter	Business Year	Business Year
	in TEUR	2011 / 2012	2010 / 2011	2010 / 2011	2009 / 2010
	Profit before taxes	7,649	5,258	30,848	19,257
+	Depreciation / amortization & impairment	3,979	4,164	17,524	17,460
	-/+ Gains / losses from disposals of fixed assets	-46	-54	203	374
	+/- Earnings from associated companies	-144	-137	-200	-110
	Cash-flow from result	11,438	9,231	48,375	36,982
	-/+ Increase / decrease in inventories and short-term accounts receivable	-15,247	-11,688	-783	2,092
	+/- Increase / decrease in provisions	6,094	9,084	4,822	9,781
	+/- Increase / decrease in trade accounts payable and other liabilities	9,312	10,763	11,852	2,804
	+/- Currency-related changes in non fund assets	2,181	-3,474	1,387	-1,383
	+/- Change in adjustment items from debt consolidation	-598	2,177	-734	242
-	Income tax payments and changes in deferred taxes	-2,657	61	-7,251	-4,662
	Cash-flow from operating activities	10,524	16,153	57,668	45,854
	+/- Income from disposals of tangible and intangible fixed assets	66	91	276	104
	+/- Changes in cash and cash equivalents arising from changes to the scope of consolidation	0	0	12	0
-	Outgoing payments from additions to tangible and intangible fixed assets	-2,322	-3,679	-16,259	-13,544
-	Outgoing payments for additions to long-term investments	0	0	-5	0
	-/+ Increase / decrease in long-term receivables	-6	-8	14	-944
	Cash-flow from investing activities	-2,261	-3,595	-15,962	-14,385
-	Dividend payment to shareholders	0	0	-1,914	-1,165
- +	Dividend payment to minority shareholder Capital increase and diposal of own shares	0 0	-1,282 0	-1,234 42,638	-233 0
	+/- Cash-flow from purchase of own shares	0	-116	-274	-1,059
	+/- Increase / decrease in financial liabilities	0	809	0	-15,202
	Cash-flow from financing activities	0	-589	39,216	-17,659
	Total cash-flow	8,263	11,969	80,921	13,811
	Cash and cash equivalents at the beginning of the year	109,312	29,171	29,171	15,132
	Effects of exchange rate changes on cash and cash equivalents	-1,830	840	-780	228
	Cash and cash equivalents at the end of the year	115,745	41,980	109,312	29,171
	Change in funds	8,263	11,969	80,921	13,811

Changes in Shareholders' Equity for the Group (unaudited)

		The imputable share to shareholders of the DO & CO AG
						Other comprehensive income
in TEUR	Nominal capital	Capital reserves	Revenue reserves	Consolidated Result	Currency translation differences of subsidiaries	Effect of Net Investment Approach	Deferred Taxes	Own shares	Total	Minority interests	Shareholders´ equity
As of 31 March 2010	15,590	34,464	24,043	9,659	503	-8,346	2,207	-1,221	76,898	16,442	93,340
Dividend payment 2009/2010									0	-1,282	-1,282
Profit carried forward 2009/2010			9,659	-9,659					0		0
Total result				2,343	115	2,994	-817		4,635	1,953	6,587
Changes in own shares								-116	-116		-116
As of 30 June 2010	15,590	34,464	33,701	2,343	618	-5,352	1,389	-1,337	81,417	17,113	98,530
As of 31 March 2011	19,488	70,602	31,787	15,428	-53	-9,237	2,363	0	130,378	20,665	151,044
Dividend payment 2010/2011									0		0
Profit carried forward 2010/2011			15,428	-15,428					0		0
Total result				4,310	-762	-808	210		2,951	-80	2,871
Changes in own shares									0		0
As of 30 June 2011	19,488	70,602	47,215	4,310	-815	-10,044	2,573	0	133,329	20,586	153,914

Statement of Comprehensive Income for the Group (unaudited)

in TEUR	1 st Quarter 2011/2012	1 st Quarter 2010/2011	Business Year 2010/2011	Business Year 2009 / 2010
Profit for the Year	5,617	3,360	22,397	13,119
Differences of Currency translation Effect of Net Investment Approach Income Tax of other comprehensive income and expensive	-2,149 -808 210	1,050 2,994 -817	-2,067 -890 156	1,764 373 -131
Other comprehensive income after taxes	-2,746	3,227	-2,802	2,006
Total comprehensive income for the period Attributable to minority interests Attributable to shareholders of parent company	2,871 -80 2,951	6,587 1,953 4,634	19,595 5,458 14,137	15,124 4,600 10,524

Subsidiaries

of DO & CO Restaurants & Catering AG as of 30 June 2011

Company	registration Place of	Country	Share of stock in	Controlling 1 Company	Currency	Nominal Capital 2 inTDC
			%
Companies included in full in the consolidated accounts
DO & CO Party-Service & Catering GmbH	Vienna	A	100.0	DCAG	EUR	36 3)
DO & CO im Haas Haus Restaurantbetriebs GmbH	Vienna	A	100.0	DCAG	EUR	36 3)
DO & CO Catering-Consult & Beteiligungs GmbH	Vienna	A	100.0	DINV	EUR	36
DO & CO - Salzburg Restaurants & Betriebs GmbH	Salzburg	A	100.0	DCAG	EUR	36 3)
DO & CO - Baden Restaurants & Veranstaltungs GmbH	Baden	A	100.0	DCAG	EUR	36 3) 35 3)
DO & CO Albertina GmbH AIOLI Airline Catering Austria GmbH	Vienna Vienna-Airport	A A	100.0 100.0	DCAG DCAG	EUR EUR	36 3)
AIOLI Restaurants & Party-Service GmbH	Vienna	A	100.0	DCAG	EUR	36 3)
K.u.K. Hofzuckerbäcker Ch. Demel's Söhne GmbH	Vienna	A	100.0	DCCC	EUR	799 4)
Demel Salzburg Cafe-Restaurant Betriebs GmbH	Salzburg	A	100.0	DCAG	EUR	35 3)
B & B Betriebsrestaurants GmbH	Vienna	A	100.0	DCAG	EUR	36 3)
Cafe-Restaurant & Catering im Casino Wien GmbH	Vienna	A	100.0	DCCC	EUR	35 4)
DO & CO im PLATINUM Restaurantbetriebs GmbH	Vienna	A	90.0	DCCC	EUR	35
DO & CO Airline Catering Austria GmbH	Vienna	A	100.0	DCAG	EUR	150 3)
Sky Gourmet-airline catering and logistics GmbH	Vienna-Airport	A	100.0	DCCC	EUR	800 4)
DO & CO (Deutschland) Holding GmbH	Kelsterbach	D	100.0	DINV	EUR	25
DO & CO München GmbH	Schwaig/Oberding	D	100.0	DDHO	EUR	25 5)
DO & CO Frankfurt GmbH	Kelsterbach	D	100.0	DDHO	EUR	25 5)
DO & CO Berlin GmbH	Berlin	D	100.0	DDHO	EUR	25 5)
DO & CO Lounge GmbH DO & CO Italy S.r.l.	Frankfurt Vizzola Ticino	D I	100.0 100.0	DDHO DCAG	EUR EUR	25 5) 1,275
DO & CO Restauración & Catering Espana, S.L.	Barcelona	E	100.0	DINV	EUR	3
DO & CO International Catering Ltd.	Feltham	GB	100.0	DINV	EUR	30 6)
DO & CO Event & Airline Catering Ltd.	Feltham	GB	100.0	DINV	GBP	0
DO & CO International Investments Ltd.	London	GB	100.0	DCAG	EUR	0 6)
Total Inflight Solution GmbH	Vienna	A	100.0	DCCC	EUR	35 4)
DO & CO Museum Catering Ltd.	Feltham	GB	100.0	DINV	GBP	0
DO & CO Holdings USA, Inc.	Wilmington	USA	100.0	DINV	USD	100
DO & CO Miami Catering, Inc.	Miami	USA	100.0	DHOL	USD	1
DO & CO New York Catering, Inc.	New York	USA	100.0	DHOL	USD	1
DO & CO – Restauração e Catering, Sociedade Unipessoal, Lda	Lissabon	P	100.0	DINV	EUR	5
DOCO Istanbul Catering ve Restaurant Hiz. Tic. ve San. A.S.	Istanbul	TK	100.0	DINV	TL	750
THY DO & CO Ikram Hizmetleri A.S. DO & CO Event Austria GmbH	Istanbul Vienna	TK A	50.0 100.0	DIST DCAG	TL EUR	30,000 100 3)
DO & CO Catering & Logistics Austria GmbH	Vienna	A	100.0	DCAG	EUR	100 3)
DO & CO International Event AG	Zug	CH	100.0	DINV	CHF	100
DO & CO International Catering & Logistics AG	Zurich	CH	100.0	DINV	CHF	100
Sky Gourmet Slovensko s.r.o.	Bratislava	SK	100.0	DSKY	EUR	63 7)
DO & CO Olympiapark München Restaurant GmbH	Munich	D	100.0	DDHO	EUR	25 5)
DO & CO Olympiapark München Catering GmbH	Munich	D	100.0	DDHO	EUR	25 5)
DEMEL New York Inc.	New York	USA	100.0	DHOL	USD	1
Do & Co Restaurantbetriebsgesellschaft m.b.H.	Vienna	A	100.0	DCAG	EUR	36
Ibrahim Halil Dogudan Gesellschaft m.b.H.	Vienna	A	100.0	DCAG	EUR	36
Companies included at equity in the consolidated accounts
Sky Gourmet Malta Ltd.	Fgura	MT	40.0	DSKY	EUR	1 8)
Sky Gourmet Malta Inflight Services Ltd.	Fgura	MT	40.0	DSKY	EUR	1 8)
ISS Ground Services GmbH	Vienna	A	49.0	DTIS	EUR	218
Fortnum & Mason Events Ltd.	London	GB	50.0	DLHR	GBP	0
1) DCAG = DO & CO Restaurants & Catering Aktiengesellschaft DCCC = DO & CO Catering-Consult & Beteiligungs GmbH DHOL = DO & CO Holdings USA, Inc. DINV = DO & CO International Investments Ltd.

DDHO = DO & CO (Deutschland) Holding GmbH

DSKY = Sky Gourmet - airline catering and logistics GmbH

DIST = DOCO Istanbul Catering ve Restaurant Hiz. Tic. ve San A.S. DTIS = Total Inflight Solution GmbH

DLHR = DO & CO Event & Airline Catering Ltd.

2) TDC = in thousands of domestic currency units

3) There is a profit transfer agreement between these companies and the DO & CO Restaurants & Catering 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 MTL.

Notes to the Consolidated Financial Statements (unaudited)

I. General Information

1. Basic Principles

DO & CO Restaurants & Catering AG is an international catering group with headquarter 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 2011/2012 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 2011 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 2011.

The interim financial statements as of 30 June 2011 is neither audited nor reviewed.

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 2011.

4. Currency Translation

The interim 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 interim 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 2011. 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 Jun 2011	30 Jun 2010	30 Jun 2011	30 Jun 2010
1 US Dollar	0.691898	0.814930	0.686671	0.792836
1 British Pound	1.107972	1.223316	1.125383	1.183572
1 Turkish Lira	0.425532	0.515464	0.434679	0.512714
1 Swiss Franc	0.828432	0.752842	0.806759	0.717628

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 due to 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.

II. Notes to the Statement of Financial Position and Income Statement for the Group

II.1. Statement of Financial Position for the Group

(1) Fixed Assets

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Intangible assets	18,208	24,959	19,922	25,352
Tangible assets	58,035	62,408	58,830	59,143
Financial assets	1,994	1,782	1,850	1,645
Total	78,237	89,149	80,601	86,140

The investments item contains stakes in Sky Gourmet Malta Ltd., Sky Gourmet Malta Inflight Services Ltd., ISS Ground Services GmbH and Fortnum & Mason Events Ltd, all of which are included in the consolidated financial statements at equity.

(2) Other Long-term Assets

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Other long-term assets	3,282	1,898	3,277	1,770
Total	3,282	1,898	3,277	1,770

The other long-term assets of subsidiaries included in the consolidated accounts pertain primarily to long-term capitalized advance income tax payments by DO & CO Restaurants & Catering AG due to the latter having a business year ending on 31 March 2011 and thus diverging from the calendar year and due to deposit payments put down for leased facilities.

(3) Inventories

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Raw materials and supplies	6,350	5,587	5,953	4,931
Goods	8,614	6,372	7,482	5,402
Total	14,964	11,959	13,436	10,333

(4) Trade Accounts Receivable and Other Current Accounts Receivable and Assets

The short-term assets with a residual term of less than one year can be summarized as follows:

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Trade accounts receivable	43,074	41,543	31,870	31,213
Accounts receivable from companies with distributed ownership	786	708	784	697
Other accounts receivable and assets	12,404	12,595	9,275	12,653
Prepaid expenses and deferred charges	1,896	1,809	1,250	676
Total of other current accounts receivable and other current assets	15,086	15,112	11,308	14,026
Total	58,160	56,655	43,178	45,239

(5) Cash and Cash Equivalents

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Cash, checks	463	510	242	888
Cash at banks	115,282	41,470	109,071	28,282
Total	115,745	41,980	109,312	29,171

(6) Shareholders' Equity

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Capital stock	19,488	15,590	19,488	15,590
Capital reserves	70,602	34,464	70,602	34,464
Revenue reserves	47,215	33,701	31,787	24,043
Foreign currency translation reserve	-8,287	-3,345	-6,927	-5,636
Own shares	0	-1,337	0	-1,221
Consolidated result	4,310	2,343	15,428	9,659
Equity attributable to the shareholders of the parent	133,329	81,417	130,379	76,898
Minority interests	20,586	17,113	20,665	16,442
Total	153,915	98,530	151,044	93,340

The General Meeting of Shareholders on 5 July 2007 gave the Management Board the right until 30 June 2012 to increase the share capital on approval by the Supervisory Board by up to a further EUR 3,897,600 in exchange for cash contributions and/or contributions in kind through the issuance of up to 1,948,800 new shares of ordinary stock (authorized capital).

The share capital of the company is increased pursuant to § 159 (2) 1 Austrian Corporation Act by up to EUR 7,795,200 through the issue of up to 3,897,600 new no-par bearer shares for issuing to creditors of financial instruments based on the resolution of the General Meeting of 10 July 2008. The capital increase may only be carried out to the extent that the creditors of financial instruments exercise their warrant or conversion rights to company shares (conditional capital).

The shares of DO & CO Restaurants & Catering AG have been listed in the Prime Market of the Vienna Stock Exchange since 19 March 2007. The private foundation Attila Dogudan Privatstiftung is the principal shareholder in DO & CO Restaurants & Catering Aktiengesellschaft with a stake of 40.95% (31 March 2011: 40.95%). DZR Immobilien und Beteiligungs GmbH (an indirectly wholly-owned subsidiary of Raiffeisen-Holding Niederösterreich-Wien reg. Gen.m.b.H.) holds a stake of 12.00% (31 March 2011: 12.00%). The remaining shares are in free float (all ownership figures refer to the reporting date).

Besides earnings allocated to reserves, the revenue reserves item contains revenue reserves in the amount of the tax investment allowances taken advantage of, as recorded in the individual financial statements of domestic companies. No deferred tax provision was formed for these untaxed reserves. In addition to legally stipulated revenue reserves of various individual companies included in the consolidated accounts, this item contains all revenue reserves at subsidiaries not eliminated in the course of capital consolidation.

Minority interests include the direct 50% minority interest in the equity of the fully consolidated THY DO & CO İkram Hizmetleri A.Ş. This item also includes the 10% minority interest in DO & CO im PLATINUM Restaurantbetriebs GmbH.

(7) Long-term Provisions

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Provisions for severance payments PBO	12,597	12,351	12,631	11,863
Provisions for long-service anniversary payments PBO	3,693	3,178	3,555	3,185
Provisions for deferred tax	228	130	249	176
Provisions for pension payments	551	542	551	549
Other Provisions	76	1,014	76	1,032
Total	17,145	17,215	17,062	16,805

(8) Short-term Provisions

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Provisions for taxation	7,951	8,209	6,747	5,553
Other personnel provisions	12,529	10,976	12,337	10,558
Deliveries and services not yet invoiced	7,904	3,768	3,951	1,778
Other provisions	22,087	24,515	20,242	18,296
Total	50,470	47,469	43,278	36,185

(9) Trade Accounts Payable and Other Short-term Liabilities

in TEUR	30 June 2011	30 June 2010	31 March 2011	31 March 2010
Trade accounts payable	37,575	29,583	30,374	21,625
Advance payments received on orders	1,348	420	321	350
Other liabilities	10,571	9,282	9,372	7,054
Deferred income	2,702	1,510	1,148	151
Total other short-term liabilities	14,621	11,212	10,841	7,555
Total	52,196	40,795	41,215	29,180

Contingent Liabilities and Other Contingencies

in TEUR	30 Jun 2011	31 Mar 2011
Securities	11,381	11,963

As was the case the previous year, the amounts recorded under this item still pertain to guarantees of supply from Turkey and to bank guarantees to secure claims in connection with leases and to collateralize refunds of advance tax payments from the Italian fiscal authorities.

II.2. Income Statement for the Group

The consolidated income statement was prepared in accordance with the total cost method.

(10) Sales

	st Quarter 1	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Airline Catering	85,616	75,746	327,178	258,555
International Event Catering	15,324	11,376	36,647	33,996
Restaurants, Lounges & Hotel	16,008	15,005	62,244	60,192
Total	116,949	102,127	426,068	352,744

(11) Other Operating Income

	1 st Quarter	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Proceeds of the disposal of fixed assets	66	93	138	99
Income from the release of provisions	385	177	4,635	3,408
Release of provisions for bad debts	7	44	281	159
Insurance payments	24	3	163	59
Rent income	24	65	174	218
Exchange rate differences	1,024	955	2,327	2,441
Miscellaneous operating income	460	654	2,577	3,521
Total	1,991	1,992	10,296	9,905

(12) Costs of Materials and Services

	st Quarter 1	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Costs of materials (including goods purchased for resale)	41,409	36,519	149,674	119,726
Costs of services	9,059	5,918	28,074	20,676
Total	50,468	42,438	177,749	140,403

(13) Personnel Expenses

	1 st Quarter	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Wages and Saleries	29,281	26,693	106,823	92,850
Expenses for severance payments	953	545	3,168	4,354
Expenses for legally mandanted social security contributions and for related costs	5,353	5,002	21,080	18,685
Other social expenses	1,124	1,061	5,043	3,863
Total	36,711	33,301	136,114	119,752

(14) Depreciation of Tangible Fixed Assets and Amortization of Intangible Fixed Assets

	1 st Quarter	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Scheduled amortization and depreciation	3,979	4,164	17,524	17,040
Impairment of tangible fixed assets	0	0	0	421
Total	3,979	4,164	17,524	17,460

(15) Other Operating Expenses

The composition of other operating expenses was as follows:

	st Quarter 1	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Other taxes (excluding income taxes)	388	300	1,277	1,000
Rentals, leases and operating costs (including airport fees)	11,154	10,411	43,335	37,841
Travel and communication expenses	2,546	1,919	6,836	5,319
Transport, vehicle expenses and maintenance	3,055	2,735	9,534	8,353
Insurance	205	244	833	893
Legal, auditing and consulting expenses	657	1,028	3,241	3,001
Advertising expense	617	172	844	594
Other personnel costs	159	166	594	357
Miscellaneous operating expenses	617	871	3,969	2,765
Value adjustments, losses on bad depts	50	86	529	1,850
Exchange rate differences	1,012	865	3,046	2,185
Accounting losses from the disposal of fixed assets	20	39	341	473
Other administrative expenses	511	568	2,278	1,837
Total	20,992	19,404	76,658	66,467

(16) Financial Result

	1 st Quarter	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Income from participations
Results from investments	144	137	462	157
of which from associated companies	144	137	462	157
Total income from participations	144	137	462	157
Result from other financial activities
Income from other securities carried under fixed assets	5	5	5	0
Interest and similar income	711	331	2,121	726
Interest and similar expenses	-1	-27	-60	-194
Total result from other financial activities	715	310	2,066	533
Total	859	446	2,528	690

(17) Taxes on Income and Earnings

	st Quarter 1	1st Quarter	Business Year	Business Year
in TEUR	2011/2012	2010/2011	2010 / 2011	2009 / 2010
Income tax expenses	2,902	3,097	7,791	5,891
thereof non periodic	0	0	-1	-14
Deferred tax	-869	-1,199	660	247
Total	2,032	1,898	8,452	6,138

This item contains income tax paid or owed by DO & CO Restaurants & Catering AG and its subsidiaries and the provisions for deferred taxes.

(18) Minority Interests

Minority interests in the annual profit of fully consolidated companies with minority interests amounted to TEUR 1,307 (PY: TEUR 1,017).

III. Other Information

(19) Segment Reporting

The segment reporting by division for the first quarter 2011/2012 is as follows:

st Quarter 1 2011/2012		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Sales	m €	85.62	15.32	16.01	116.95
EBITDA	m €	8.02	1.52	1.23	10.77
Depreciation/amortization	m €	-3.50	-0.19	-0.29	-3.98
EBIT	m €	4.52	1.33	0.93	6.79
EBITDA margin	%	9.4%	9.9%	7.7%	9.2%
EBIT margin	%	5.3%	8.7%	5.8%	5.8%
Share of Group Sales	%	73.2%	13.1%	13.7%	100.0%
Investments	m €	4.20	0.26	0.04	4.51

The comparable previous year's period was as follows:

st Quarter 1 2010/2011		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Sales	m €	75.75	11.38	15.00	102.13
EBITDA	m €	6.72	1.11	1.14	8.98
Depreciation/amortization	m €	-3.42	-0.26	-0.49	-4.16
EBIT	m €	3.30	0.85	0.66	4.81
EBITDA margin	%	8.9%	9.8%	7.6%	8.8%
EBIT margin	%	4.4%	7.5%	4.4%	4.7%
Share of Group Sales	%	74.2%	11.1%	14.7%	100.0%
Investments	m €	4.18	0.04	0.05	4.28

Segment assets were as follows:

30 June 2011		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Fixed assets	m €	72.27	1.19	4.78	78.24
Inventories	m €	11.23	2.79	0.94	14.96
Trade accounts receivables	m €	33.24	7.98	1.86	43.07

The comparable previous year's period was as follows:

31 March 2011		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Fixed assets	m €	74.51	1.10	4.99	80.60
Inventories	m €	9.43	2.84	1.17	13.44
Trade accounts receivables	m €	26.90	2.37	2.61	31.87

The segment reporting by region (registered offices of the companies) for the first quarter 2011/2012 business year is as follows:

st Quarter 1 2011/2012		Austria	Turkey	Other countries	Total
Sales	m €	39.86	41.57	35.52	116.95
Share of Group Sales	%	34.1%	35.5%	30.4%	100.0%

The comparable previous year's period was as follows:

st Quarter 1 2010/2011		Austria	Turkey	Other countries	Total
Sales	m €	34.34	39.96	27.83	102.13
Share of Group Sales	%	33.6%	39.1%	27.2%	100.0%

Segment assets were as follows:

30 June 2011		Austria	Turkey	Other countries	Total
Fixed assets	m €	24.83	31.41	22.01	78.24
Inventories	m €	4.71	8.54	1.71	14.96
Trade accounts receivables	m €	15.08	10.84	17.15	43.07

The comparable previous year's period was as follows:

31 March 2011		Austria	Turkey	Other countries	Total
Fixed assets	m €	25.36	32.90	22.34	80.60
Inventories	m €	4.70	7.22	1.52	13.44
Trade accounts receivables	m €	12.02	7.34	12.51	31.87

(26) Major Events after the Balance Sheet Date (supplementary report)

Events after 30 June 2011 which would be of importance for evaluation as of the balance sheet day, such as unsettled suits, claims for damages or other obligations or possible losses which need to be posted or disclosed in accordance with IAS 10 (Events after the balance sheet date) were either accounted for in these group statements of DO & CO Restaurants & Catering AG or did not occur.

(27) 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. or through the latter's indirectly 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. Within this scope rentals were paid to the amount of TEUR 198 and liabilities of TEUR 0 (31 March 2011: TEUR 98) are included in the figure. Business relations with UNIQA, also affiliated through Raiffeisen-Holding Niederösterreich-Wien reg. Gen.m.b.H., are also handled at terms and conditions customary for external customers. These include rental payments amounting to TEUR 283.

Business relations with companies or private foundations in which Supervisory or Management Board members of DO & CO Restaurants & Catering AG serve or regarding which they benefit were handled at terms and conditions customary for external customers. Companies in which Supervisory Board members Waldemar JUD and Werner SPORN have a substantial economic interest rendered legal consulting work amounting to TEUR 0 (PY: TEUR 143) in the first quarter 2011/2012. Rental agreements have been entered with a private foundation under the economic control of Attila Dogudan, amounting to TEUR 397 in the first quarter 2011/2012.

The Group has a 50% stake in THY DO & CO İkram Hizmetleri A.Ş. Turkish Airlines (Türk Hava Yollari A.O.) holds the remaining 50% stake in this company. THY DO & CO İkram Hizmetleri A.Ş. provides airline catering services to Turkish Airlines. All business relations were conducted at terms and conditions customary for external partners. Trade accounts receivable contain TEUR 8,679 in trade receivables owed by Turkish Airlines in connection with this business relationship (31 March 2011: TEUR 5,595).

DO & CO has a 49% stake in ISS Ground Services GmbH (associated company) and purchased TEUR 2,105 (PY: TEUR 1,888) in services in the first quarter 2011/2012. The figures regarding this business relationship also include TEUR 2,117 (31 March 2011: TEUR 789) in liabilities owed to ISS Ground Services GmbH. All business relations were conducted at terms and conditions customary for external partners.

Vienna, 18 August 2011

The Management Board:

Attila DOGUDAN mp Michael DOBERSBERGER mp Chairman Member

Significant Differences between Austrian Accounting Standards and International Financial Reporting Standards (IFRS)

Goodwill from Capital Consolidation: The Austrian Business Enterprise Code (UGB) permits the offsetting of retained earnings without effect to net income or capitalization of straight-line depreciation. IFRS 3, for its part, stipulates that goodwill be capitalized and subjected to an annual impairment test. Scheduled amortization has now been eliminated.

Deferred Taxes: In accordance with IAS/IFRS, deferred taxes are to be accrued for all temporary differences between the tax balance sheet and the IFRS balance sheet, applying the currently valid tax rate. The Austrian Business Enterprise Code (UGB) requires accrual of deferred taxes for temporary differences only if they involve deferred tax liabilities. In deviation from the regulations of the Austrian Business Enterprise Code, deferred tax assets under IFRS are also to be recognized for tax losses carried forward, insofar as it is likely that they can be offset against taxable profits in the future.

Other provisions: The Austrian Business Enterprise Code (UGB) is based on the principle of commercial prudence. IAS/IFRS, for its part, is geared to the determinability of payment obligations for which provisions should be formed and the degree of probability of the relevant events occurring. Unlike Austrian business enterprise law, IAS/IFRS does not permit expense provisions to be formed.

Personnel provisions: Under IAS/IFRS, personnel provisions (for termination benefits, pensions, long-service anniversary bonuses) are calculated on the basis of the projected benefit obligation method, applying the current interest rate on the capital market and taking into account future pay raises. According to the Austrian Business Enterprise Code (UGB), these provisions are calculated according to the part-value method.

Sales of marketable securities: According to the Austrian Business Enterprise Code, marketable securities are to be assessed at their market value or at most at their cost of acquisition. Under the IAS/IFRS, marketable securities are always assessed at market values.

Valuation of foreign currency amounts: Receivables and liabilities expressed in foreign currency are always valued on the reporting date at the rate prevailing on that date. As a result, any currency fluctuation is recorded in a manner affecting profit and loss. The Austrian Business Enterprise Code (UGB) takes a different approach. Only unrealized losses are recorded on the balance sheet in keeping with the imparity principle. Under IFRS, translation differences from debt consolidation in connection with inner-group loans are recorded under shareholders' equity as unrealized price gains or losses without an effect on profit or loss.

Extraordinary result: IFRS does not permit a company to record an extraordinary result; Austrian accounting rules do.

Expanded disclosure obligation: IAS/IFRS requires that the items on the balance sheet, income statement, cash flow statement and changes in shareholder's equity be explained in detail in the Notes. It also imposes additional disclosure obligations particularly as regards business segments and derivative financial instruments.