DO & CO Aktiengesellschaft

First Half Year of 2018/2019

	Group Management Report for the 1st Half Year of 2018/2019 1
1.	Key Figures of the DO & CO Group in accordance with IFRS 1
2.	Business Development 2
2.1.	Revenue 2
2.2.	Result 3
2.3.	Statement of financial position 4
2.4.	Employees 4
2.5.	Airline Catering 4
2.6.	International Event Catering 5
2.7.	Restaurants, Lounges & Hotel 5
2.8.	Share / Investor Relations 6
3.	Outlook 9
	Interim Consolidated Financial Statements for the 1st Half Year of 2018/2019 of DO
	& CO Aktiengesellschaft in accordance with IFRS 10
1.	Consolidated Statement of Financial Position as of 30 September 2018 11 Consolidated Income Statement for the 1st Half Year of 2018/2019
2. 3.	12 Consolidated Statement of Comprehensive Income 13
4.	Consolidated Statement of Cash Flows 14
5.	Consolidated Statement of Changes in Equity 15
6.	Segment Reporting 16

	Condensed Notes to the Consolidated Financial Statements for the 1st Half Year of 2018/2019 18
1.	General Information 18
1.1.	Basis 18
1.2.	Accounting and valuation methods 18
1.3.	Scope of consolidation 20
1.4.	Seasonality 21
2.	Comments on the Consolidated Statement of Financial Position 22
2.1.	Asset held for sale / Liabilities directly allocable to assets held for sale 22
2.2.	Shareholders' equity 22
3.	Comments on the Consolidated Income Statement 22
3.1.	Result of equity investments accounted for using the equity method 22
3.2.	Financial result 22
3.3.	Earnings per share 22
4.	Additional Disclosures 23
4.1.	Additional disclosures on financial instruments 23
4.2.	Significant events after the reporting period (subsequent report) 24
4.3.	Related party disclosures 24
	Statements by the Management Board 25
	Glossary 26
	Report on the Review of the Condensed Interim Consolidated Financial Statements
	27

Group Management Report for the 1st Half Year of 2018/2019

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

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

		st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
		2018/2019	2017/2018	2018/2019	2017/2018

Revenue	m€	433.91	450.75	219.83	230.81
EBITDA	m€	42.42	44.04	23.50	25.29
EBITDA margin	%	9.8%	9.8%	10.7%	11.0%
EBIT	m€	27.58	27.73	16.23	16.73
EBIT margin	%	6.4%	6.2%	7.4%	7.2%
Profit before income tax	m€	26.21	25.19	15.11	15.70
Net result	m€	15.96	12.42	10.56	7.70
Net result margin	%	3.7%	2.8%	4.8%	3.3%

Cash flow from operating activities	m€	21.96	18.36	19.74	3.58
Cash flow from investing activities	m€	-14.03	-36.86	-9.30	-21.82
Free cash flow	m€	7.93	-18.50	10.44	-18.24

EBITDA per share	€	4.35	4.52	2.41	2.60
EBIT per share	€	2.83	2.85	1.67	1.72
Earnings per share	€	1.64	1.27	1.08	0.79
ROS	%	6.0%	5.6%	6.9%	6.8%

		30 Sep 2018	31 March 2018
Equity 1	m€	227.85	240.11
Equity ratio 1	%	40.0%	41.9%
Net debt (net financial liabilities)	m€	80.46	75.16
Net debt to EBITDA		0.98	0.90
Net gearing	%	35.3%	31.3%
Working capital	m€	43.90	41.26
Equity per share (book entry) 1	€	19.78	19.76
High 2	€	76.80	69.44
Low 2	€	45.55	38.22
Price at the end of the period 2	€	75.10	51.50
Number of shares at the end of the period	TPie	9,744	9,744
Market capitalization at the end of the period	m€	731.77	501.82

Employees 9,773 9,587

1… Adjusted by proposed dividend payments

2… Closing rate

2. Business Development

Group			st Half Year 1				nd 2 Quarter
			2018/2019 2017/2018	Change	Change in %	2018/2019 2017/2018		Change	Change in %
Revenue	m€	433.91	450.75	-16.84	-3.7%	219.83	230.81	-10.98	-4.8%
Other operating income	m€	5.56	10.46	-4.90	-46.8%	3.39	5.52	-2.13	-38.6%
Cost of materials	m€	-187.19	-194.59	7.40	3.8%	-96.38	-99.53	3.16	3.2%
Personnel expenses	m€	-140.98	-145.05	4.07	2.8%	-67.30	-72.39	5.09	7.0%
Other operating expenses	m€	-70.51	-77.10	6.59	8.5%	-37.81	-38.78	0.96	2.5%
Result of equity investments accounted for using the equity method m€		1.62	-0.44	2.06	469.5%	1.77	-0.33	2.11	629.4%
EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	m€	42.42	44.04	-1.62	-3.7%	23.50	25.29	-1.79	-7.1%
Amortisation / depreciation and effects from impairment tests	m€	-14.84	-16.31	1.47	9.0%	-7.28	-8.56	1.28	15.0%
EBIT - Operating result	m€	27.58	27.73	-0.15	-0.5%	16.23	16.73	-0.50	-3.0%
Financial result	m€	-1.36	-2.54	1.17	46.3%	-1.11	-1.03	-0.08	-7.7%
Profit before income tax	m€	26.21	25.19	1.02	4.1%	15.11	15.70	-0.58	-3.7%
Income tax	m€	-6.78	-7.24	0.45	6.3%	-3.75	-4.56	0.82	17.9%
Profit after tax	m€	19.43	17.95	1.48	8.2%	11.37	11.13	0.23	2.1%
Therof net profit attributable to non-controlling interests	m€	-3.47	-5.54	2.06	37.2%	-0.81	-3.43	2.62	76.4%
Therof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	m€	15.96	12.42	3.54	28.5%	10.56	7.70	2.86	37.1%
EBITDA margin	%	9.8%	9.8%			10.7%	11.0%
EBIT margin	%	6.4%	6.2%			7.4%	7.2%
Employees		9,773	9,897	-124	-1.3%	9,966	10,216	-250	-2.4%

2.1. Revenue

In the first half of the business year 2018/2019, the DO & CO Group recorded revenue in the amount of € 433.91m, representing a decline of -3.7% or € -16.84m on the same period of the previous year.

Revenue	st Half Year 1				nd Quarter 2
		2018/2019 2017/2018	Change	Change in %	2018/2019 2017/2018		Change	Change in %
Airline Catering m€	305.06	303.80	1.27	0.4%	156.67	160.29	-3.62	-2.3%
International Event Catering m€	70.43	65.72	4.71	7.2%	34.08	29.81	4.27	14.3%
Restaurants, Lounges & Hotel m€	58.42	81.23	-22.82	-28.1%	29.08	40.71	-11.62	-28.6%
Group Revenue	433.91	450.75	-16.84	-3.7%	219.83	230.81	-10.98	-4.8%

Share of Group Revenue		st Half Year 1
			2018/2019 2017/2018
Airline Catering	%	70.3%	67.4%
International Event Catering	%	16.2%	14.6%
Restaurants, Lounges & Hotel	%	13.5%	18.0%
Group Revenue		100.0%	100.0%

In the first half of the business year 2018/2019, revenue of the Airline Catering division increased by € 1.27m from € 303.80m to € 305.06m. This represents an increase of 0.4%. The Airline Catering division's revenue produced 70.3% of the Group's overall revenue (PY: 67.4%).

The major part of DO & CO's locations reports increases in revenue. It is particularly the locations in the US, Austria, Great Britain and Poland that report a positive development. In Turkey, revenue showed a substantial increase by 31% in the local currency (Turkish lira), among others due to the favourable development of passenger numbers at Turkish Airlines. However, in the consolidated income statement, DO & CO reports a decline in revenue of -10.6% due to the depreciation of the Turkish lira against the euro.

In the first half of the business year 2018/2019, revenue of the International Event Catering division increased by € 4.71m from € 65.72m to € 70.43m. This represents an increase of 7.2%. The International Event Catering division's revenue produced 16.2% of the Group's overall revenue (PY: 14.6%).

In the first half of the business year 2018/2019, revenue of the Restaurants, Lounges & Hotel division decreased by € -22.82m from € 81.23m to € 58.42m. This represents a reduction of -28.1%. The Restaurants, Lounges & Hotel division's revenue produced 13.5% of the Group's overall revenue (PY: 18.0%).

The marked decrease in revenue in this division is due to the termination of train catering services for the Austrian federal railways (ÖBB) as of 31 March 2018.

2.2. Result

Other operating income amounts to € 5.56m (PY: € 10.46m), representing a decrease of € -4.90m.

In absolute figures, cost of materials decreased by € -7.40m (-3.8%), from € 194.59m to € 187.19m, at a revenue reduction rate of -3.7%. Cost of materials as a proportion of revenue thus decreased slightly from 43.2% to 43.1%.

Personnel expenses in absolute figures decreased in the first half of the business year 2018/2019 and amount to € 140.98m (PY: € 145.05m).

Other operating expenses show a decrease of € -6.59m or -8.5%. Accordingly, other operating expenses made up 16.3% of revenue (PY: 17.1%).

The result of equity investments accounted for using the equity method amounts to € 1.62m in the first half of the business year 2018/2019 (PY: € -0.44m).

The EBITDA margin was 9.8% in the first half of the business year 2018/2019 (PY: 9.8%).

In the first half of the business year 2018/2019, amortisation/depreciation and effects from impairment tests amount to € 14.84m, and therefore remain below the level of the previous year (PY: € 16.31m).

The EBIT margin was 6.4% in the first half of the business year 2018/2019 (PY: 6.2%).

The financial result for the first half of the business year 2018/2019 increased from € -2.54m to € -1.36m. Financial expenses comprise mainly interest for the corporate bond placed at the beginning of 2014. The other financial result includes foreign exchange differences resulting from group financing in foreign currencies.

Income tax amounts to € 6.78m for the first half of the business year 2018/2019 (PY: € 7.24m), representing a decrease by € -0.45m. The tax ratio (taxes as a proportion of untaxed income) was 25.9% in the first half of the business year 2018/2019 (PY: 28.7%).

In the first half of the business year 2018/2019, the Group achieved a profit after income tax of € 19.43m, an increase of € 1.48m on the same period of the previous year, thus reflecting an increase of 8.2% in the profit after income tax in comparison to the previous year. € 3.47m (PY: € 5.54m) of the profit after income tax is attributable to non-controlling interests.

The net profit attributable to the shareholders of DO & CO Aktiengesellschaft (net result) therefore amounts to € 15.96m (PY: € 12.42m). Earnings per share are therefore € 1.64 (PY: € 1.27). The net result margin increased to 3.7% in the first half of the business year 2018/2019 (PY: 2.8%).

2.3. Statement of financial position

The Group's equity amounts to € 227.85m as of 30 September 2018. The equity ratio thus is 40.0% as of 30 September 2018.

2.4. Employees

The average number of staff (full-time equivalent) in the first half of the business year 2018/2019 was 9,773 (PY: 9,897 employees).

2.5. Airline Catering

Airline Catering	st Half Year 1				nd Quarter 2
		2018/2019 2017/2018	Change	Change in %	2018/2019 2017/2018		Change	Change in %
m€ Revenue	305.06	303.80	1.27	0.4%	156.67	160.29	-3.62	-2.3%
EBITDA m€	30.40	33.50	-3.10	-9.2%	16.97	21.07	-4.10	-19.5%
Depreciation/amortisation m€	-9.83	-11.25	1.42	12.6%	-4.10	-5.54	1.44	26.0%
Effects from impairment tests m€	-1.31	-0.97	-0.34	-34.9%	-1.31	-0.98	-0.34	-34.8%
EBIT m€	19.26	21.27	-2.02	-9.5%	11.56	14.56	-3.00	-20.6%
EBITDA margin %	10.0%	11.0%			10.8%	13.1%
EBIT margin %	6.3%	7.0%			7.4%	9.1%
Share of Group Revenue %	70.3%	67.4%			71.3%	69.4%

In this division, DO & CO management is able to report particularly favourable developments. On 11 September 2018, after a tendering procedure that took more than 1.5 years, DO & CO was awarded the contract for providing catering and handling services on all British Airways short-haul and long-haul flights ex London Heathrow.

At the same time, DO & CO was commissioned by Iberia and Iberia Express to provide catering and handling services on all flights ex Madrid Barajas. In both cases, services will be provided as of spring of 2020, with the contracts concluded for a period of 10 years, respectively. British Airways and Iberia/Iberia Express are two further "homebase carriers" who put their trust in DO & CO Gourmet Entertainment.

The major part of DO & CO's locations reports increases in revenue. It is particularly the locations in the US, Austria, Great Britain, and Poland that report a positive development. With regard to Germany, a downward trend in the business development was reported, particularly due to the insolvency of NIKI's parent company Air Berlin.

In Turkey, revenue showed a substantial increase by 31% in the local currency (Turkish lira), among others due to the favourable development of passenger numbers at Turkish Airlines. However, in the consolidated income statement, DO & CO reports a decline in revenue of -10.6% due to the depreciation of the Turkish lira against the euro.

DO & CO intensifies cooperation with the Lufthansa Group. After Lufthansa at New York JFK and the extension of the cooperation with Austrian Airlines, SWISS was acquired as a further customer for the first time as well. Starting at the beginning of July 2018, catering services will be provided to SWISS on one daily flight from Los Angeles to Zurich. With Emirates, Cathay Pacific and SWISS, DO & CO now has three customers at the newly opened location in Los Angeles.

At the Incheon / South Korea location, Ethiopian Airlines was acquired as a further customer for the joint venture Sharp DO & CO Korea. DO & CO has been providing catering services on eight Ethiopian Airlines flights per week since June 2018.

2.6. International Event Catering

International Event Catering		st Half Year 1				nd Quarter 2
			2018/2019 2017/2018	Change	Change in %	2018/2019 2017/2018		Change	Change in %
Revenue	m€	70.43	65.72	4.71	7.2%	34.08	29.81	4.27	14.3%
EBITDA	m€	8.05	5.94	2.11	35.6%	3.90	1.88	2.03	108.1%
Depreciation/amortisation	m€	-2.28	-2.41	0.13	5.6%	-1.16	-1.22	0.06	5.2%
EBIT	m€	5.77	3.53	2.25	63.7%	2.75	0.66	2.09	318.8%
EBITDA margin	%	11.4%	9.0%			11.5%	6.3%
EBIT margin	%	8.2%	5.4%			8.1%	2.2%
Share of Group Revenue	%	16.2%	14.6%			15.5%	12.9%

Seven Formula 1 grand prix races took place in the second quarter of the business year 2018/2019. The VIP guests enjoyed DO & CO catering at its best in Spielberg, Silverstone, Hockenheim, Budapest, Spa, Monza and Sochi.

Moreover, in the second quarter of the business year 2018/2019, DO & CO also was the culinary host for guests at, i.a.:

the show jumping tournament CHIO in Aachen,
numerous football matches of FC Bayern Munich, Juventus Turin Football Club, FK Austria Vienna and FC Redbull Salzburg,
activities at Munich's Olympic Park, and
the Beach Volleyball Major Series in Vienna.

2.7. Restaurants, Lounges & Hotel

Restaurants, Lounges & Hotel		st Half Year 1				nd Quarter 2
		2018/2019 2017/2018	Change	Change in %	2018/2019 2017/2018		Change	Change in %
m€ Revenue	58.42	81.23	-22.82	-28.1%	29.08	40.71	-11.62	-28.6%
EBITDA m€	3.97	4.61	-0.64	-13.8%	2.63	2.34	0.28	12.1%
Depreciation/amortisation m€	-1.45	-1.66	0.21	12.4%	-0.72	-0.84	0.12	14.3%
Effects from impairment tests m€	0.03	-0.02	0.05	257.1%	0.02	0.02	0.00	-5.2%
EBIT m€	2.54	2.93	-0.38	-13.0%	1.92	1.52	0.40	26.5%
EBITDA margin %	6.8%	5.7%			9.0%	5.8%
% EBIT margin	4.4%	3.6%			6.6%	3.7%
Share of Group Revenue %	13.5%	18.0%			13.2%	17.6%

This division reports decreases in revenue and increased margins, with the decrease in revenue mainly due to the termination of train catering services for the Austrian federal railways (ÖBB) as of 31 March 2018.

Activities at the restaurants, cafés, at Gourmet Retail, at the airline lounges, staff restaurants and in airport catering are going according to plan and in line with expectations.

2.8. Share / Investor Relations

Stock market overview

During the reporting period, the overall European stock index EuroStoxx 50 increased slightly by 1.1%. The US stock index Dow Jones Industrial and the DAX also reported an increase of 9.8% and 1.2%, respectively.

In the reporting period, the Vienna Stock Exchange index ATX fell by -2.5% from 3,428.53 points on 30 March 2018 to 3,344.04 points on 28 September 2018.

The Istanbul Stock Exchange also reported a negative performance in the reporting period. The Turkish BIST 100 decreased by -13.0% during the reporting period, closing at 99,956.90 points on 28 September 2018.

DO & CO shares

On the Vienna Stock Exchange, the DO & CO share increased by 45.8%, closing at a rate of € 75.10 on 28 September 2018.

On the Istanbul Stock Exchange, the DO & CO share gained 115.5%, closing at a rate of TRY 528.10 on 28 September 2018.

Inclusion in the Austrian leading index ATX

As of 24 September 2018, DO & CO was once again included in the Austrian leading index ATX. The ATX is the most important Austrian share index and comprises the 20 most significant Austrian listed entities, weighted by trading volume and free float capitalisation.

Trading volumes

On the Vienna Stock Exchange, an average of € 1,345k in DO & CO shares was traded daily during the first half of the business year 2018/2019, compared to an average daily trading volume of € 497k in DO & CO shares on the Istanbul Stock Exchange in the same period. The trading volume in Vienna thus was higher than the one on the Istanbul Stock Exchange. Together, the two stock exchanges traded € 1,842k or 30,833 shares as a daily average. The daily trading volume thus decreased on the same period of the previous year in number (PY: 31,110).

	Vienna Stock Exchange		Istanbul Stock Exchange		Total
	s t Half Year 1		1	s t Half Year	s t Half Year 1
	2018/2019	2017/2018	2018/2019	2017/2018	2018/2019	2017/2018
Volume in shares*	22,415	19,385	8,418	11,725	30,833	31,110
Turnover in k€*	1,345	1,075	497	647	1,842	1,723

*Daily average traded volume of the DO & CO shares

Share indices

		st Half Year 1	st Half Year 1
		2018/2019	2017/2018
High 1	€	76.80	69.44
Low 1	€	45.55	41.08
Share price at the end of the period 1	€	75.10	41.46
Number of shares at the end of the period	TPie	9,744	9,744
Market capitalisation at the end of the period	m€	731.77	403.99

1… Closing price

Shareholder structure of DO & CO Aktiengesellschaft

On 30 September 2018, 67.69% of the shares are in free float. The remaining share of 32.31% is held by the private foundation Attila Dogudan Privatstiftung. This figure includes a stake of 1.59% provided for management and staff participation.

Information on the DO & CO shares

AT0000818802
DOCO.VI, DOCO.IS
DOC AV, DOCO.TI
ATX, ATX Prime, BIST ALL
081880
Vienna, Istanbul
EUR, TRY

Financial calendar

14 February 2019 Results for the first three quarters of 2018/2019

Investor relations

In the first half of the business year 2018/2019, the management of DO & CO Aktiengesellschaft held talks with numerous institutional investors and financial analysts.

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

Hauck & Aufhäuser
Kepler Cheuvreux
Erste Bank
HSBC
Raiffeisen Centrobank
İş Investment
Ünlü & Co
GSC Research

Analysts have an average price target of € 74.36 (status: 14 November 2018).

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

For further information please contact:

Investor relations Email: [email protected]

3. Outlook

After winning the two important tender for British Airways and Iberia/Iberia Express, as well as the agreement to extend business relations with Turkish Airlines for another 15 years at the new airport in Istanbul and further airports in Turkey (subject to approval by the competent authorities and bodies as well as a satisfactory contractual documentation), efforts to successfully implement these projects within the coming years have now been initiated.

DO & CO is committed to keep offering its product portfolio on the market in an innovative, customer-focused and efficient way and also continues to participate in tender at the various locations. The individual results of these tender will be reported on an ongoing basis.

After successfully completing the large tender, a strong focus is put on developing the Retail business, particularly with regard to Hédiard and Henry.

With its excellently trained staff, diverse distribution facilities, a broad brand portfolio and activities in numerous regions, DO & CO is in an excellent position to face challenging market conditions and expects good development opportunities also in the future in order to achieve growth at sustainable margins organically or through reasonable acquisitions.

Interim Consolidated Financial Statements for the 1st Half Year of 2018/2019 of DO & CO Aktiengesellschaft in accordance with IFRS

1. Consolidated Statement of Financial Position as of 30 September 2018

	Assets in m€	30 Sep 2018	31 March 2018
Notes	Intangible assets	50.95	53.36
	Property, plant and equipment	174.68	232.66
	Investment property	2.04	2.04
	Investments accounted for using the equity method	8.87	7.28
	Other financial assets	4.43	4.43
	Deferred tax assets	5.89	6.64
	Other non-current assets	13.98	13.98
	Non-current assets	260.84	320.40
	Inventories	26.30	25.71
	Trade receivables	125.60	112.42
	Other financial assets	14.32	14.39
	Income tax receivables	2.17	2.27
	Other non-financial assets	28.58	21.44
	Cash and cash equivalents	71.39	76.47
2.1.	Assets held for sale	39.76	0.00
	Current assets	308.11	252.71
	Total assets	568.95	573.10

	Shareholders' equity and liabilities in m€	30 Sep 2018	31 March 2018
Notes
	Share capital	19.49	19.49
	Capital reserves	70.51	70.51
	Retained earnings	176.31	168.91
	Other comprehensive income	-72.65	-57.27
	Special item from transactions with non-controlling interests	-0.97	-0.86
	Equity attributable to the shareholders of DO & CO Aktiengesellschaft	192.69	200.78
	Non-controlling interests	35.16	47.61
2.2.	Shareholders´ equity	227.85	248.39
	Bond	149.14	149.06
	Provisions	19.06	20.49
	Other non-current liabilities	0.04	0.04
	Deferred tax liabilities	2.90	2.91
	Non-current liabilities	171.14	172.50
	Other financial liabilities	27.01	27.58
	Trade payables	92.51	76.65
	Provisions	22.39	22.63
	Income tax liabilities	15.28	12.11
	Other liabilities	12.67	13.24
2.1.	Liabilities directly allocable to assets held for sale	0.10	0.00
	Current liabilities	169.95	152.21
	Total shareholders' equity and liabilities	568.95	573.10

2. Consolidated Income Statement for the 1 st Half Year of 2018/2019

Notes	in m€	st Half Year 1 2018/2019	st Half Year 1 2017/2018	nd Quarter 2 2018/2019	nd Quarter 2 2017/2018
	Revenue	433.91	450.75	219.83	230.81
	Other operating income	5.56	10.46	3.39	5.52
	Cost of materials	-187.19	-194.59	-96.38	-99.53
	Personnel expenses	-140.98	-145.05	-67.30	-72.39
	Other operating expenses	-70.51	-77.10	-37.81	-38.78
3.1.	Result of equity investments accounted for using the equity method	1.62	-0.44	1.77	-0.33
	EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	42.42	44.04	23.50	25.29
	Amortisation / depreciation and effects from impairment tests	-14.84	-16.31	-7.28	-8.56
	EBIT - Operating result	27.58	27.73	16.23	16.73
	Financing income	1.61	1.63	1.00	0.99
	Financing expenses	-3.04	-3.25	-1.54	-1.60
	Other financial result	0.07	-0.92	-0.57	-0.42
3.2.	Financial result	-1.36	-2.54	-1.11	-1.03
	Profit before income tax	26.21	25.19	15.11	15.70
	Income tax	-6.78	-7.24	-3.75	-4.56
	Profit after income tax	19.43	17.95	11.37	11.13
	Thereof net profit attributable to non-controlling interests	-3.47	-5.54	-0.81	-3.43
	Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	15.96	12.42	10.56	7.70
				2nd Quarter	2nd Quarter
		st Half Year 1 2018/2019	st Half Year 1 2017/2018	2018/2019	2017/2018
	Net result in m€	15.96	12.42	10.56	7.70
	Number of shares at the end of the period (in Pie)	9,744,000	9,744,000	9,744,000	9,744,000
3.3.	Basic/diluted earnings per share (in €)	1.64	1.27	1.08	0.79

3. Consolidated Statement of Comprehensive Income

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2018/2019	2017/2018	2018/2019	2017/2018
Profit after income tax	19.43	17.95	11.37	11.13
Differences of currency translation	-28.58	-16.02	-21.97	-7.81
Income tax	-0.71	1.40	-0.08	0.44
Total of items that will be reclassified subsequently to the income statement	-29.29	-14.62	-22.05	-7.37
Termination benefits and pension payments obligations	-0.01	-0.01	-0.01	-0.01
Income tax	0.01	0.00	0.01	0.00
Total of items that will not be reclassified subsequently to the income statement	0.00	-0.01	0.00	-0.01
Other comprehensive income after income tax	-29.29	-14.62	-22.06	-7.37
Total comprehensive income for the period	-9.86	3.33	-10.69	3.76
Thereof attributable to non-controlling interests	-10.44	1.43	-9.32	0.99
Attributable to DO & CO Aktiengesellschaft (Total result)	0.57	1.90	-1.37	2.77

4. Consolidated Statement of Cash Flows

	in m€	st Half Year 1 2018/2019	st Half Year 1 2017/2018
	Profit before income tax	26.21	25.19

	+/- Amortisation / depreciation and effects from impairment tests	14.84	16.31
	-/+ Gains / losses from disposals of non-current assets	0.00	0.11
	-/+ Gains / losses from associated companies measured at equity without cash effect	-1.62	0.44
	+/- Other non-cash expenses / income	0.34	2.86
	+/- Interest result	1.46	1.65
	+/- Dividends	-0.02	-0.03
	Gross cash flow	41.21	46.53
	-/+ Increase / decrease in inventories and other current assets	-40.05	-38.11
	+/- Increase / decrease in provisions	0.66	-1.12
	+/- Increase / decrease in trade payables and other liabilities	22.58	17.12
-	Income tax payments	-2.44	-6.05
	Cash flow from operating activities (net cash flow)	21.96	18.36

+	Payments received for disposals of property, plant and equipment and intangible assets	0.09	0.23
+	Payments received for the disposal of other financial assets	0.07	0.10
-	Additions to property, plant and equipment	-15.52	-38.16
-	Additions to intangible assets	-0.22	-0.22
-	Additions to other financial assets	-0.07	-0.44
+	Dividends received	0.02	0.03
+	Interest received	1.58	1.60
	Cash flow from investing activities	-14.03	-36.86
-	Dividend payment to shareholders of DO & CO Aktiengesellschaft	-8.28	-8.28
-	Repayment of financial liabilities	0.00	-1.90
-	Interest paid	-0.05	-0.18
	Cash flow from financing activities	-8.33	-10.36
	Net increase/decrease in cash and cash equivalents	-0.40	-28.86
	Cash and cash equivalents at the beginning of the period	76.47	143.53
	Effects of exchange rate changes on cash and cash equivalents (opening balance)	-4.87	-3.02
	Effects of exchange rate changes on cash and cash equivalents (movement)	0.19	-0.24
	Cash and cash equivalents at the end of the period	71.39	111.42
	Net increase/decrease in cash and cash equivalents	-0.40	-28.86

5. Consolidated Statement of Changes in Equity

				Equity of the shareholders of DO & CO Aktiengesellschaft
in m€	Share capital	Capital reserves	Retained earnings	Other comprehensive income Currency translation differences	Revaluation IAS 19	Special item from transactions with non-controlling interests	Total	Non-controlling interests	Total equity
As of 1 April 2018	19.49	70.51	168.91	-55.27	-1.99	-0.86	200.78	47.61	248.39
Initial recognition IFRS 9			-0.28				-0.28		-0.28
Adjusted as of 1 April 2018	19.49	70.51	168.64	-55.27	-1.99	-0.86	200.50	47.61	248.11
Dividend payments 2017/2018			-8.28				-8.28	-2.12	-10.40
Total result			15.96	-15.38	0.00		0.57	-10.44	-9.86
Transactions with non-controlling interests						-0.10	-0.10	0.10	0.00
As of 30 September 2018	19.49	70.51	176.31	-70.65	-2.00	-0.97	192.69	35.16	227.85
As of 1 April 2017	19.49	70.51	152.83	-34.83	-2.74	-0.32	204.93	50.91	255.84
Dividend payments 2016/2017			-8.28				-8.28	-2.48	-10.76
Total result			12.42	-10.51	-0.01		1.90	1.43	3.33
Transactions with non-controlling interests			0.00			-0.22	-0.22	0.22	0.00
As of 30 September 2017	19.49	70.51	156.96	-45.34	-2.75	-0.54	198.33	50.08	248.41

6. Segment Reporting

Segment reporting by division for the first half of the business year 2018/2019 and the first half of the business year 2017/2018 is as follows:

st Half Year 1 2018/2019		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Revenue	m€	305.06	70.43	58.42	433.91
EBITDA	m€	30.40	8.05	3.97	42.42
Depreciation/amortisation	m€	-9.83	-2.28	-1.45	-13.56
Effects from impairment tests	m€	-1.31	0.00	0.03	-1.28
EBIT	m€	19.26	5.77	2.54	27.58
EBITDA margin	%	10.0%	11.4%	6.8%	9.8%
EBIT margin	%	6.3%	8.2%	4.4%	6.4%
Share of Group Revenue	%	70.3%	16.2%	13.5%	100.0%
Total investments	m€	10.28	0.97	4.59	15.83

st Half Year 1 2017/2018		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Revenue	m€	303.80	65.72	81.23	450.75
EBITDA	m€	33.50	5.94	4.61	44.04
Depreciation/amortisation	m€	-11.25	-2.41	-1.66	-15.32
Effects from impairment tests	m€	-0.97	0.00	-0.02	-0.99
EBIT	m€	21.27	3.53	2.93	27.73
EBITDA margin	%	11.0%	9.0%	5.7%	9.8%
EBIT margin	%	7.0%	5.4%	3.6%	6.2%
Share of Group Revenue	%	67.4%	14.6%	18.0%	100.0%
Total investments	m€	37.04	0.66	8.19	45.89

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

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

s t Half Year 1 2018/2019		Austria	Turkey	USA	Germany	Other Countries	Total
Sales	m€	85.32	123.71	57.35	64.50	103.03	433.91
Share of Group Revenue	%	19.7%		28.5% 13.2%	14.9%		23.7% 100.0%

s t Half Year 1 2017/2018		Austria	Turkey	USA	Germany	Other Countries	Total
Sales	m€	100.98	138.28	48.00	70.65	92.85	450.75
Share of Group Revenue	%	22.4%		30.7% 10.6%	15.7%		20.6% 100.0%

Non-current assets pursuant to IFRS 8 by geographical regions (excl. income tax receivables and deferred taxes) as of 30 September 2018 and 31 March 2018 are presented below:

30 September 2018		Austria	Turkey	USA	Germany	Other Countries	Total
Non-current assets	m€	30.53	19.99	66.56	41.03	96.83	254.95
in %		12.0%	7.8%	26.1%	16.1%	38.0%	100.0%

31 March 2018		Austria	Turkey	USA	Germany	Other Countries	Total
Non-current assets	m€	31.46	81.66	61.40	43.33	95.89	313.76
in %		10.0%	26.0%	19.6%	13.8%	30.6%	100.0%

Condensed Notes to the Consolidated Financial Statements for the 1st Half Year of 2018/2019

1. General Information

1.1. Basis

DO & CO Aktiengesellschaft (DO & CO, the Company), domiciled in 1010 Vienna, Stephansplatz 12, is the parent company of an international catering group. It conducts business in the three divisions Airline Catering, International Event Catering, and Restaurants, Lounges & Hotel.

The reporting date is 31 March.

The interim financial statements of all subsidiaries included in the consolidated financial statements were properly prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU that are effective for the business year 2018/2019, and in accordance with uniform group-wide accounting principles set out by the parent company.

The interim consolidated financial statements as of 30 September 2018 were prepared in accordance with IAS 34 (Interim Financial Reporting). The interim consolidated financial statements do not contain all information and disclosures that are included in the financial statements, and should be read in connection with the consolidated financial statements as of 31 March 2018.

Unless otherwise stated, the interim consolidated financial statements were prepared in millions of euros (m€), figures in the notes are also presented in millions of euros (m€). Both individual figures and total amounts represent the smallest rounding difference. When the reported individual figures are aggregated, slight differences to the reported total amounts may therefore arise.

1.2. Accounting and valuation methods

The accounting and valuation methods applied in the course of the preparation of these interim consolidated financial statements comply with those used in the consolidated financial statements as of 31 March 2018.

For further information on the accounting and valuation methods applied, we refer to the consolidated financial statements as of 31 March 2018 that form the basis of these condensed interim consolidated financial statements.

In the first half of the business year 2018/2019 the following new or amended standards and interpretations become effective. A voluntary early adoption did not take place.

New and amended standards and interpretations

IFRS 9 Financial Instruments

IFRS 9 "Financial Instruments" was applied for the first time at 1 April 2018.

The table below shows the previous measurement category and the carrying amount determined pursuant to IAS 39, as well as the new measurement category and the carrying amount determined pursuant to IFRS 9 at the time the standard was applied for the first time. The table shows that the implementation does not have a significant impact.

	Measurement	Measurement	Carrying	Carrying
	category	category	amount	amount
	according to	according to	31.03.2018	01.04.2018
in m€	IAS 39	IFRS 9	acc. IAS 39	acc. IFRS 9	Delta

Other financial assets (non-current)			4.43	4.45	0.02
Investment and securities	AfS	FVTPL	0.38	0.40	0.02
Shares in affiliated companies	AfS	FVTPL	0.17	0.17	0.00
Securities	AfS	FVTPL	0.21	0.23	0.02
Other non-current assets	LaR	A C	4.05	4.05	0.00
Loan receivables	LaR	A C	0.89	0.89	0.00
Other	LaR	A C	3.16	3.16	0.00
Trade receivables	LaR	A C	112.42	112.15	-0.28
Other financial assets (current)	LaR	A C	14.39	14.39	0.00
Cash and cash equivalents	AfS	A C	76.47	76.47	0.00

Total assets			207.71	207.46	-0.26

Bond	FLAC	FLAC	149.06	149.06	0.00
Other financial liabilities (non-current)	FLAC	A C	0.00	0.00	0.00
Other financial liabilities (current)			27.58	27.58	0.00
Loans	FLAC	FLAC	2.57	2.57	0.00
Miscellaneous other current financial liabilities	FLAC	FLAC	25.01	25.01	0.00
Trade payables	FLAC	FLAC	76.65	76.65	0.00
Total liabilities			253.29	253.29	0.00

AC: financial assets measured at amortised cost

AfS: Available-for-Sale Financial Assets

FLAC: financial liabilities measured at amortised cost

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

LaR: Loans and Receivables

In accordance with the measurement category under IFRS 9, investments and securities are stated at fair value through profit or loss. The option to state investments directly in equity upon initial recognition was not used.

The remaining financial assets fulfil the requirement that only interest payments and redemptions exist and are therefore measured at cost.

Moreover, the Group prepared a model to systematically record expected impairment losses. Applying this model, the expected impairment loss at the implementation date 1 April 2018 amounted to € 0.28m, demonstrating that the required adjustments are of minor extent.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 "Revenue from Contracts with Customers" was applied for the first time at 1 April 2018.

DO & CO assessed the impact the application of IFRS 15 may have on its financial situation and performance. The main customer contracts from all business segments and divisions were analysed with regard to separate performance obligations and to the possible deferral of revenue. The Airline Catering, International Event Catering and Restaurants, Lounges & Hotel divisions are not significantly affected by the separation of performance obligations. Contrary to the Airline Catering and Restaurant, Lounges & Hotel divisions, more than one performance obligation was identified in the International Event Catering division: (1.) catering services, and (2.) infrastructure services. In this division, the contract for providing services at several motor sport races was additionally analysed in detail with the quantitative impact in mind. Due to pricing, no allocations are required.

Due to the timing of the race days and the subsequent incoming payments, contract assets can only arise in the first half of the business year of the DO & CO Group, with its values insignificant from the perspective of the Group. As there would be no more contract assets at the end of the business year, from the DO & CO Group's perspective no material implementation effects arising from IFRS 15 exist. The Group will continuously evaluate the contractual arrangements in all divisions so as to determine whether any adjustments become necessary.

IFRS 4, Improvements to IFRSs 2014-2016 Cycle, IFRS 2, IAS 40, IFRIC 22

No or no material impact on the consolidated financial statements is expected when applying the new or amended standards IFRS 4 (Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts), the amendments and clarifications issued in the course of the Annual Improvements to IFRSs 2014-2016 Cycle with regard to IFRS 1 (First Time Adoption of IFRS) and IAS 28 (Investments in Associates and Joint Ventures), as well as the amendments to IFRS 2 (Classification and Measurement of Share-based Payment Transactions), to IAS 40 (Transfers of Investment Property) and IFRIC 22 Foreign Currency Transactions and Advance Considerations.

New, but not yet mandatorily applicable standards

IFRS 16 Leases

The accounting standard IFRS 16 "Leases", issued in January 2016, replaces the previous IAS 17 "Leases" as well as the corresponding interpretations. It introduces a single lease accounting model for lessees that will no longer differentiate between operating lease and finance lease but requires right-of-use assets and lease liabilities to be recognised for all lease agreements. IFRS 16 provides exceptions for short-term leases and assets of low value. There will only be minor changes for lessors compared to the accounting under IAS 17 as they still differentiate between operating leases and finance leases.

With regard to IFRS 16, the evaluation and analysis of the contracts pertaining to all Group companies has been completed and a Group-wide overview of all lease agreements prepared. Based on the analysed contracts, the main focus will be on real estate leasing and subleases, if any, including the corresponding issues (determining the term of the lease, treatment of leased fixtures, determining the underlying interest rate). The possibility of not capitalising a right-ofuse asset due to short-term leases or leases where the underlying asset is of low value is still being analysed.

DO & CO currently deals with the technical implementation of the new leases standard into the system.

Since the minimum lease payments due on the reporting date 31 March 2018 under uncancellable operating leases amount to € 158.79m (see consolidated financial statements as of 31 March 2018 Section 7.2. Contingencies and financial liabilities), a material extension of the statement of financial position with regard to assets and liabilities is expected as a result of the first-time application of IFRS 16. At present, no information can be provided as to the amount because the analyses of the above stated relief provisions and the provision related to the incremental borrowing rate have not yet been completed.

Rental and lease expenses from operating leases are shown under Other operating expenses in the consolidated income statement. When applying IFRS 16, the rights of use are capitalised and recognised in the item Amortisation / depreciation and effects from impairment tests over the term of the lease. In addition, part of the cash flow from operating activities is now shown under the cash flow from financing activities in the consolidated statement of cash flows, since the redemption of lease liabilities is to be reported as cash flow from financing activities.

DO & CO plans to apply IFRS 16 for the first time at 1 April 2019, using the modified retrospective approach.

1.3. Scope of consolidation

Compared to 31 March 2018 there were no changes in the scope of consolidation.

1.4. Seasonality

Airline Catering and International Event Catering are subject to fluctuations in business volume. Whereas increased flight and passenger numbers for airline customers are of significant importance particularly in the first and second quarter of the business year due to the holiday and charter season, the changing dates for major sporting events are key in International Event Catering.

2. Comments on the Consolidated Statement of Financial Position

2.1. Asset held for sale / Liabilities directly allocable to assets held for sale

In the second quarter of the business year 2018/2019, the Management Board of DO & CO Aktiengesellschaft took the decision to pursue the disposal of Turkish DO & CO's hotel on the Bosporus, which is under construction, to Turkish Airlines. This asset and the liabilities directly allocable to the asset held for sale are accordingly classified as "asset held for sale" and "liabilities directly allocable to assets held for sale" in the consolidated statement of financial position as of 30 September 2018 and reclassified at the carrying amounts. The transaction is intended to take place in the second half of the business year 2018/2019. The asset and the liabilities are part of the "Restaurants, Lounges & Hotel" segment.

2.2. Shareholders' equity

By resolution of the 20th General Meeting of Shareholders of DO & CO Aktiengesellschaft held on 12 July 2018, a dividend of € 0.85 per dividend-bearing share for the business year 2017/2018 was approved. The dividend was paid out on 30 July 2018.

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

3. Comments on the Consolidated Income Statement

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

In the first half of the business year 2018/2019, € 0.68m in proportionate losses were recorded off-balance sheet.

3.2. Financial result

in m€	st Half Year 1	st Half Year 1	2nd Quarter	2nd Quarter
	2018/2019	2017/2018	2018/2019	2017/2018
Income from non-current securities	0.02	0.03	0.00	0.03
Interest and similar income	1.58	1.60	1.00	0.96
Interest and similar expenses	-3.04	-3.25	-1.54	-1.60
Other financial result	0.07	-0.92	-0.57	-0.42
Total	-1.36	-2.54	-1.11	-1.03

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

3.3. Earnings per share

	st Half Year 1	st Half Year 1	2nd Quarter	2nd Quarter
	2018/2019	2017/2018	2018/2019	2017/2018
Net result in m€	15.96	12.42	10.56	7.70
Number of shares at the end of the period (in Pie)	9,744,000	9,744,000	9,744,000	9,744,000
Basic/diluted earnings per share (in €)	1.64	1.27	1.08	0.79

4. Additional Disclosures

4.1. Additional disclosures on financial instruments

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

		Measurement
		category
in m€	Carrying amount 30 Sep 2018	according to IFRS 9	Fair Value	Level

Other financial assets (non-current)	4.43
Investments and securities	0.38	FVTPL
Shares in affiliated companies	0.17	FVTPL		3
Securities	0.21	FVTPL		1
Other non-current assets	4.05	AC
Trade receivables	125.60	AC
Other financial assets (current)	14.32	AC
Cash and cash equivalents	71.39	AC
Total assets	215.74

Bond	149.14	FLAC	156.63	1
Other financial liabilities (current)	27.01
Loan	2.70	FLAC	2.58	3
Miscellaneous other current financial liabilities	24.30	FLAC
Trade payables	92.51	FLAC
Total liabilities	268.65

		Measurement category
in m€	Carrying amount 31 March 2018	according to IFRS 9	Fair Value	Level
	4.45
Other financial assets (non-current)
Investments and securities	0.40	FVTPL
Shares in affiliated companies	0.17	FVTPL		3
Securities	0.23	FVTPL		1
Other non-current assets	4.05	AC
Trade receivables	112.15	AC
Other financial assets (current)	14.39	AC
Cash and cash equivalents	76.47	AC
Total assets	207.46

Bond	149.06	FLAC	157.88	1
Other financial liabilities (current)	27.58
Loans	2.57	FLAC	2.37	3
Miscellaneous other current financial liabilities	25.01	FLAC
Trade payables	76.65	FLAC
Total liabilities	253.29

AC: financial assets measured at amortised cost

FLAC: financial liabilities measured at amortised cost

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

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

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

No significant events or developments occurred after 30 September 2018 that would be of importance with regard to the Group's financial situation and performance.

4.3. Related party disclosures

In the course of its ordinary business activities, DO & CO Aktiengesellschaft directly or indirectly maintains business relations with unconsolidated subsidiaries, joint ventures and associated companies.

Related parties mainly comprise members of the Management Board and the Supervisory Board or entities that are in the sphere of influence of members of the Management Board or Supervisory Board.

All business relations with related parties are carried out at arm's length conditions.

		1	st Half Year 2018/2019		st Half Year 2017/2018 1
in m€	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries
Performed deliveries and services	0.00	0.01	0.76	1.17	0.00	0.17	1.72	0.12
Supplies received and services rendered	2.88	4.71	0.03	1.10	3.06	5.04	0.04	1.08

			30 September 2018			31 March 2018
in m€	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries
Receivables	2.30	0.03	2.44	0.32	3.65	0.03	3.02	0.54
Payables	0.08	2.02	0.22	0.51	0.35	0.86	0.41	0.58
Granted loans	0.00	0.00	4.06	0.00	0.00	0.00	4.05	0.00

Statements by the Management Board

We confirm to the best of our knowledge

1. that the condensed interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and
1. that the group management report gives a true and fair view of important events that have occurred during the first six months of the financial year and their impact on the condensed interim financial statements, and of the principal risks and uncertainties of the remaining six months of the financial year.

Vienna, 15 November 2018

The Management Board:

Chairman of the Management Board Member of the Management Board

Attila DOGUDAN m.p. Gottfried NEUMEISTER m.p.

Glossary

			st Half year 1 2018/2019		st Half year 1 2017/2018	nd Quarter 2 2018/2019			nd Quarter 2 2017/2018
EBITDA margin in %	EBITDA External revenue	m€ m€	42.42 433.91	9.8%	9.8%	m€ m€	23.50 219.83	10.7%	11.0%
EBIT margin in %	EBIT External revenue	m€ m€	27.58 433.91	6.4%	6.2%	m€ m€	16.23 219.83	7.4%	7.2%
Return on Sales in %	Profit before income tax External revenue	m€ m€	26.21 433.91	6.0%	5.6%	m€ m€	15.11 219.83	6.9%	6.8%
Adjusted equity in m€	+ Shareholders´ equity - (proposed) dividend payment	m€ m€	227.85 0.00	227.85	248.41	m€ m€	227.85 0.00	227.85	248.41
Equity ratio in %	Adjusted equity Total capital	m€ m€	227.85 568.95	40.0%	39.2%	m€ m€	227.85 568.95	40.0%	39.2%
Return on equity (ROE) in %	Profit after income taxes (HY2 previous year + HY1 current year) ² Ø adjusted equity 1	m€ m€	34.84 240.63	14.5%	11.9%	m€ m€	34.84 240.63	14.5%	11.9%
Debt (financial liabilities) in m€	+ Bond + Other financial liabilities (non-current) + Current loans	m€ m€ m€	149.14 0.00 2.70	151.85	151.60	m€ m€ m€	149.14 0.00 2.70	151.85	151.60
Net debt (net financial liabilities) in m€	+ Debt - Cash and cash equivalents	m€ m€	151.85 71.39	80.46	40.18	m€ m€	151.85 71.39	80.46	40.18
Net debt to EBITDA	Net debt EBITDA (HY2 previous year + HY1 current year) ²	m€ m€	80.46 81.79	0.98	0.47	m€ m€	80.46 81.79	0.98	0.47
Net gearing in %	Net debt Adjusted equity	m€ m€	80.46 227.85	35.3%	16.2%	m€ m€	80.46 227.85	35.3%	16.2%
Surplus cash in m€	+ Cash and cash equivalents - 2% of revenue (HY2 previous year + HY1 current year) ² - (proposed) dividend payment	m€ m€ m€	71.39 16.89 0.00	54.50	94.23	m€ m€	71.39 16.89 0.00	54.50	94.23
Working capital in m€	+ Current assets - Current provisions and liabilities - Surplus cash - (proposed) dividend payment	m€ m€ m€ m€	308.11 169.95 54.50 0.00	43.90	-0.71	m€ m€ m€ m€	308.11 169.95 54.50 0.00	43.90	-0.71
Free cash flow in m€	+ Cash flow from operating activities + Cash flow from investing activities	m€ m€	21.96 -14.03	7.93	-18.50	m€ m€	19.63 -16.03	10.44	-18.24
EPS (Earnings per Share) in €	Net result Number of shares	m€ Mpie	15.96 9.74	1.64	1.27	m€ Mpie	10.56 9.74	1.08	0.79
Price / Earnings ratio	Share price at the end of the period EPS (HY2 previous year + HY1 current year) ²	€ €	75.10 2.86	26.22	22.33	€ €	75.10 2.86	26.22	22.33
Tax ratio in %	Income tax Profit before income tax	m€ m€	6.78 26.21	25.9%	28.7%	m€ m€	3.75 15.11	24.8%	29.1%
Adjusted EBIT in m€	EBIT - Rent income from investment property + Cost from investment property	m€ m€ m€	27.58 0.00 0.00	27.58	27.73	m€ m€ m€	16.23 0.00 0.00	16.23	16.73
Capital employed in m€	+ Adjusted equity + Non-current provisions and liabilities - Cash and cash equivalents - Investment property	m€ m€ m€ m€	227.85 171.14 71.39 2.04	325.57	309.75	m€ m€ m€ m€	227.85 171.14 71.39 2.04	325.57	309.75
Return on capital employed (ROCE) in %	Adjusted EBIT (HY2 previous year + HY1 current year) ² Ø Capital employed 1	m€ m€	50.49 328.37	15.4%	17.7%	m€ m€	50.49 328.37	15.4%	17.7%

1 … Calculated as the average amount by the end of the past four quarters and the amount at the beginning of the period under review

2 … Calculated as the sum total of the past four quarters

We draw attention to the fact that the English translation of this report is presented for the convenience of the reader only and that the German wording is the only legally binding version.

Report on the Review of the Condensed Interim Consolidated Financial Statements

Introduction

We have reviewed the accompanying condensed interim consolidated financial statements of DO & CO Aktiengesellschaft, Vienna, for the period from 1 April 2018 to 30 September 2018. The condensed interim consolidated financial statements comprise the condensed consolidated statement of financial position as of 30 September 2018, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of cash flows and the condensed consolidated statement of changes in equity for the period from 1 April 2018 to 30 September 2018 and the condensed notes, which comprise a condensed presentation of material accounting principles and other explanatory notes.

The Company's management is responsible for the preparation of these interim consolidated financial statements in accordance with the IFRS for interim reporting as adopted by the EU.

Our responsibility is to give a review summary on these condensed interim consolidated financial statements based on our review.

Scope of the review

We have performed the review in accordance with the legal provisions and the relevant expert opinions and standards applicable in Austria, in particular KFS/PG 11 "Guidelines for the review of financial statements" and the International Standard on Review Engagements (ISRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". The review of interim financial statements includes interviews, primarily with persons responsible for finance and accounting, and analytical assessments and other surveys. A review is significantly less in scope than an audit and requires less evidence, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Review summary

Based on our review, no matters have come to our attention that cause us to presume that the accompanying condensed interim consolidated financial statements have not been prepared, in all material respects, in accordance with the IFRS for interim reporting as adopted by the EU.

Statement on the group management report for the half year and on the statement by the legal representatives pursuant to Section 125 BörseG 2018

We have read the group management report for the half year as of 30 September 2018 of DO & CO Aktiengesellschaft, Vienna, and made an assessment as to whether it does not show any obvious inconsistencies with the condensed interim consolidated financial statements. In our opinion, the group management report for the half year does not contain any obvious inconsistencies with the condensed interim consolidated financial statements.

The half-year financial report contains the statement by the legal representatives required by Section 125 (1) No. 3 Austrian Stock Exchange Act (BörseG) 2018.