	Group Management Report for the 1st Half Year of 2019/2020 1
1.	Key Figures of the DO & CO Group under IFRS 1
2.	Business Development 2
2.1.	Revenue 2
2.2.	Result 3
2.3.	Statement of financial position 4
2.4. 2.5.	Employees 4 Airline Catering 4
2.6.	International Event Catering 5
2.7.	Restaurants, Lounges & Hotel 5
2.8.	Share / Investor Relations 6
3.	Outlook 8
	Interim Consolidated Financial Statements for the 1st Half Year of 2019/2020 of
	DO & CO Aktiengesellschaft in accordance with IFRS 9
1.	Consolidated Statement of Financial Position as of 30 September 2019 10
2.	st Half Consolidated Income Statement for the 1 Year of 2019/2020 11
3.	Consolidated Statement of Comprehensive Income 12
4.	Consolidated Statement of Cash Flows 13
5.	Consolidated Statement of Changes in Equity 14
6.	Segment Reporting 15
	Condensed Notes to the Consolidated Financial Statements for the 1st Half Year of
	2019/2020 17
1.	General Information 17
1.1.	Basis 17
1.2. 1.3.	Accounting and valuation methods 17 Scope of consolidation 18
1.4.	Seasonality 19
2.	Comments on the Consolidated Statement of Financial Position 20
2.1.	Property, plant and equipment 20
2.2.	Shareholders' equity 20
2.3.	Other financial liabilities (current/non-current) 20
3.	Comments on the Consolidated Income Statement 20
3.1.	Revenue 20
3.2.	Amortisation/ depreciation and effects from impairment tests 20
3.3.	Financial result 21
3.4.	Earnings per share 21
4.	Additional Disclosures 22
4.1.	Additional disclosures on financial instruments 22
4.2. 4.3.	Significant events after the reporting period (subsequent report) 23 Related party disclosures 23

	Statements by the Management Board 24
	Glossary 25
	Report on the Review of the Condensed Interim Consolidated Financial Statements
	26

Group Management Report for the 1st Half Year of 2019/2020

1. Key Figures of the DO & CO Group under IFRS

The calculations 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
		2019/2020	2018/2019	2019/2020	2018/2019

Revenue	m€	507.85	433.91	260.31	219.83
EBITDA	m€	60.70	42.42	32.60	23.50
EBITDA margin	%	12.0%	9.8%	12.5%	10.7%
EBIT	m€	34.45	27.58	18.86	16.23
EBIT margin	%	6.8%	6.4%	7.2%	7.4%
Profit before income tax	m€	28.91	26.21	16.18	15.11
Net result	m€	14.95	15.96	9.27	10.56
Net result margin	%	2.9%	3.7%	3.6%	4.8%

Cash flow from operating activities	m€	40.50	21.96	28.96	19.74
Cash flow from investing activities	m€	-24.88	-14.03	-15.74	-9.30
Free cash flow	m€	15.62	7.93	13.22	10.44

EBITDA per share	€	6.23	4.35	3.35	2.41
EBIT per share	€	3.54	2.83	1.94	1.67
Earnings per share	€	1.53	1.64	0.95	1.08
ROS	%	5.7%	6.0%	6.2%	6.9%

		30 Sep 2019	31 March 2019
Equity1	m€	267.71	249.25
Equity ratio1	%	34.0%	42.4%
Net debt (net financial liabilities)	m€	241.47	81.75
Net debt to EBITDA		2.45	1.02
Net gearing	%	90.2%	32.8%
Working capital	m€	20.43	50.43
Cash and cash equivalents	m€	71.77	70.45
Equity per share (book entry)1	€	22.31	20.68
High2	€	90.00	91.50
Low2	€	70.00	45.55
Price at the end of the period2	€	84.50	73.30
Number of shares at the end of the period	TPie	9,744	9,744
Market capitalization at the end of the period	m€	823.37	714.24
Employees		11,179	9,919

1… Adjusted by proposed dividend payments

2… Closing rate

2. Business Development

Group		1 st Half Year				nd 2 Quarter
			2019/2020 2018/2019	Change	Change in %		2019/2020 2018/2019	Change	Change in %
Revenue	m€	507.85	433.91	73.93	17.0%	260.31	219.83	40.48	18.4%
Other operating income	m€	6.86	5.56	1.30	23.5%	4.20	3.39	0.81	23.9%
Cost of materials	m€	-214.08	-187.19	-26.90	-14.4%	-109.88	-96.38	-13.50	-14.0%
Personnel expenses	m€	-164.80	-140.98	-23.82	-16.9%	-84.14	-67.30	-16.84	-25.0%
Other operating expenses	m€	-75.31	-70.51	-4.79	-6.8%	-37.81	-37.81	0.00	0.0%
Result of equity investments accounted for using the equity method m€		0.18	1.62	-1.44	-88.8%	-0.08	1.77	-1.85	-104.4%
EBITDA - Operating result before m€ amortisation / depreciation and effects from impairment tests		60.70	42.42	18.28	43.1%	32.60	23.50	9.10	38.7%
Amortisation / depreciation and effects from impairment tests	m€	-26.26	-14.84	-11.41	-76.9%	-13.75	-7.28	-6.47	-88.9%
EBIT - Operating result	m€	34.45	27.58	6.87	24.9%	18.86	16.23	2.63	16.2%
Financial result	m€	-5.54	-1.36	-4.18	-306.8%	-2.68	-1.11	-1.56	-140.4%
Profit before income tax m€		28.91	26.21	2.70	10.3%	16.18	15.11	1.07	7.1%
Income tax	m€	-6.87	-6.78	-0.09	-1.3%	-3.51	-3.75	0.24	6.4%
Profit after tax	m€	22.04	19.43	2.61	13.4%	12.67	11.37	1.31	11.5%
Therof net profit attributable to non-controlling interests	m€	-7.08	-3.47	-3.61	-103.9%	-3.40	-0.81	-2.59	-319.3%
Therof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	m€	14.95	15.96	-1.00	-6.3%	9.27	10.56	-1.29	-12.2%
EBITDA margin	%	12.0%	9.8%			12.5%	10.7%
EBIT margin	%	6.8%	6.4%			7.2%	7.4%
Employees		11,179	9,773	1,406	14.4%	11,384	9,966	1,418	14.2%

Information on the impact on the consolidated income statement resulting from the first-time application of IFRS 16 Leases is provided in Section 2.2.

2.1. Revenue

In the first half of the business year 2019/2020, the DO & CO Group recorded revenue in the amount of € 507.85m, representing an increase in revenue of 17.0% or € 73.93m on the same period of the previous year.

Revenue		st Half Year 1				nd Quarter 2
	2019/2020	2018/2019	Change	Change in %	2019/2020	2018/2019	Change	Change in %
Airline Catering	m€ 361.88	305.06	56.82	18.6%	188.60	156.67	31.93	20.4%
International Event Catering	m€ 78.08	70.43	7.65	10.9%	37.61	34.08	3.53	10.4%
Restaurants, Lounges & Hotel	m€ 67.89	58.42	9.47	16.2%	34.10	29.08	5.02	17.3%
Group Revenue	507.85	433.91	73.93	17.0%	260.31	219.83	40.48	18.4%

Share of Group Revenue	st Half Year 1
		2019/2020	2018/2019
Airline Catering	%	71.3%	70.3%
International Event Catering	%	15.4%	16.2%
Restaurants, Lounges & Hotel	%	13.4%	13.5%
Group Revenue		100.0%	100.0%

In the first half of the business year 2019/2020, revenue of the Airline Catering division grew by € 56.82m from € 305.06m to € 361.88m. This represents an increase of 18.6%. The Airline Catering division's revenue produced 71.3% of the Group's overall revenue (PY: 70.3%).

Almost all DO & CO locations report increases in revenue. It is particularly the locations in Turkey, Great Britain, the US, Austria, Poland and Ukraine that report a positive development.

In the first half of the business year 2019/2020, revenue of the International Event Catering division rose by € 7.65m from € 70.43m to € 78.08m. This represents an increase of 10.9%. The International Event Catering division's revenue produced 15.4% of the Group's overall revenue (PY: 16.2%).

In the first half of the business year 2019/2020, revenue of the Restaurants, Lounges & Hotel division increased by € 9.47m from € 58.42m to € 67.89m. This represents an increase of 16.2%. The Restaurants, Lounges & Hotel division's revenue produced 13.4% of the Group's overall revenue (PY: 13.5%).

2.2. Result

DO & CO applies the new standard IFRS 16 Leases for the first time as of 1 April 2019, resulting in material shifts in the consolidated income statement.

As lessee, DO & CO recognises a lease liability and a right-of-use asset as of the time the leased asset has been provided to DO & CO. This results in higher amounts of amortisation/depreciation/impairment and interest expenses in the consolidated income statement. On the other hand, rental expenses decrease. For reasons of comparability, the results from the first half of the business year 2019/2020 are also presented excluding the effects of IFRS 16 on group and division level.

Below, a detailed account is given on the impact as well as the first half of the business year 2019/2020 excl. IFRS 16:

	st Half Year 1	IFRS 16	st Half Year 1	st Half Year 1
		Impact	excl. IFRS 16
in m€	2019/2020		2019/2020	2018/2019
Revenue	507.85	0.00	507.85	433.91
Other operating income	6.86	0.10	6.76	5.56
Cost of materials	-214.08	0.00	-214.08	-187.19
Personnel expenses	-164.80	0.00	-164.80	-140.98
Other operating expenses	-75.31	13.74	-89.04	-70.51
Result of equity investments accounted for using the equity method	0.18	0.00	0.18	1.62
EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	60.70	13.83	46.87	42.42
Amortisation / depreciation and effects from impairment tests	-26.26	-11.66	-14.60	-14.84
EBIT - Operating result	34.45	2.18	32.27	27.58
Financial result	-5.54	-3.54	-2.00	-1.36
Profit before income tax	28.91	-1.36	30.27	26.21
Income tax	-6.87	0.44	-7.31	-6.78
Profit after income tax	22.04	-0.93	22.96	19.43
Thereof net profit attributable to non-controlling interests	-7.08	0.24	-7.32	-3.47
Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	14.95	-0.69	15.64	15.96

EBITDA margin	12.0%	2.7%	9.2%	9.8%
EBIT margin	6.8%	0.4%	6.4%	6.4%
Net Result margin	2.9%	-0.1%	3.1%	3.7%

Other operating income amounts to € 6.86m (PY: € 5.56m). This represents an increase of € +1.30m.

In absolute figures, cost of materials increased by € 26.90m (14.4%), from € 187.19m to € 214.08m, at a revenue increase rate of 17.0%. Cost of materials as a proportion of revenue thus decreased slightly from 43.1% to 42.2%.

Personnel expenses in absolute figures increased to € 164.80m in the first half of the business year 2019/2020 (PY: € 140.98m). The personnel expenses as a proportion of revenue is 32.5% (PY: 32.5%).

Other operating expenses show an increase of € 4.79m or 6.8%. Accordingly, other operating expenses made up 14.8% of revenue (PY: 16.3%).

The result of investments accounted for using the equity method amounts to € 0.18m in the first half of the business year 2019/2020 (PY: € 1.62m).

The EBITDA margin was 12.0% in the first half of the business year 2019/2020 (PY: 9.8%). The EBITDA margin exclusive IFRS 16 effect was 9,2% in the first half year of the business year 2019/2020 (PY: 9.8%). The reduction in the EBITDA margin is primarily attributable to one-off legal and consulting fees for M & A projects in the amount of approximately € 2.5m. Adjusted by these effects the EBITDA margin remains almost on previous year's level.

In the first half of the business year 2019/2020, amortisation/depreciation and effects from impairment tests amounted to € 26.26m, representing a significant increase on the previous year (PY: € 14.84m). The reason for this significant increase is the first-time application of IFRS 16.

The EBIT margin was 6.8% in the first half of the business year 2019/2020 (PY: 6.4%).

The financial result declined from € -1.36m to € -5.54m in the first half of the business year 2019/2020. The financing expenses mainly comprise interest expenses related to IFRS 16 and interest for the corporate bond placed at the beginning of 2014.

Income tax amounts to € 6.87m for the first half of the business year 2019/2020 (PY: € 6.78m), representing an increase by € 0.09m. The tax ratio (taxes as a proportion of untaxed income) was 23.8% in the first half of the business year 2019/2020 (PY: 25.9%).

For the first half of the business year 2019/2020, the Group achieved a profit after income tax of € 22.04m, an increase of € 2.61m on the same period of the previous year. This means an increase of 13.4% of the profit after income tax on the previous year. € 7.08m (PY: € 3.47m) 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 € 14.95m (PY: € 15.96m). Earnings per share thus amount to € 1.53 (PY: € 1.64). The net result margin amounts to 2.9% in the first half of the business year 2019/2020 (PY: 3.7%).

2.3. Statement of financial position

The first-time application of IFRS 16 Leases has a material impact on various items in the statement of financial position. Total assets increased from € 588.51m as of 31 March 2019 to € 788.52m as of 30 September 2019. On the one hand, property, plant and equipment increased from € 192.93m as of 31 March 2019 to € 352.98m as of 30 September 2019. On the other hand, non-current financial liabilities increased to € 124.09m and current financial liabilities from € 24.50m as of 31 March 2019 to € 68.30m as of 30 September 2019. The Group's equity amounts to € 267.71m as of 30 September 2019. The equity ratio thus is 34.0% as of 30 September 2019 (31 March 2019: 42.4%), adjusted by IFRS 16 the equity ratio as of 30 September 2019 is 41.8%.

2.4. Employees

The average number of staff (full-time equivalent) in the first half of the business year 2019/2020 was 11,179 (PY: 9,773 employees).

2.5. Airline Catering

Airline Catering				st Half Year 1					nd Quarter 2
			2019/2020 2018/2019	Change	Change in %	2019/2020 excl. IFRS 16		2019/2020 2018/2019	Change	Change in %	2019/2020 excl. IFRS 16
Revenue	m€	361.88	305.06	56.82	18.6%	361.88	188.60	156.67	31.93	20.4%	188.60
EBITDA	m€	40.54	30.40	10.14	33.4%	31.72	22.10	16.97	5.12	30.2%	17.21
Depreciation/amortisation	m€	-18.65	-9.83	-8.82	-89.8%	-11.56	-9.83	-4.10	-5.73	-139.9%	-6.04
Effects from Impairment tests	m€	0.16	-1.31	1.48	112.5%	0.16	0.16	-1.31	1.48	112.5%	0.16
Impairment	m€	0.00	-1.32	1.32	100.0%	0.00	0.00	-1.32	1.32	100.0%	0.00
Appreciation	m€	0.16	0.00	0.16	6256.0%	0.16	0.16	0.00	0.16	6685.0%	0.16
EBIT	m€	22.06	19.26	2.80	14.5%	20.32	12.43	11.56	0.87	7.5%	11.34
EBITDA margin	%	11.2%	10.0%			8.8%	11.7%	10.8%			9.1%
EBIT margin	%	6.1%	6.3%			5.6%	6.6%	7.4%			6.0%
Share of Group Revenue	%	71.3%	70.3%			71.3%	72.5%	71.3%			72.5%
Almost all DO & CO locations report increases in revenue. It is particularly the locations in Turkey, Great Britain, the US, Poland and Ukraine that report a positive development.
The preparations for the takeover of the entire catering services for British Airways at London Heathrow are in full swing. After the successful takeover of further flights in December 2018, DO & CO took over catering services for another six British Airways destinations ex London

The preparations for the takeover of the entire catering services for British Airways at London Heathrow are in full swing. After the successful takeover of further flights in December 2018, DO & CO took over catering services for another six British Airways destinations ex London Heathrow between April and June 2019. In this context, DO & CO is building one of the most modern and largest gourmet kitchens in Europe with an area of more than 30,000 sqm in London.

Towards the end of the business year 2018/2019, DO & CO was able to acquire Singapore Airlines as a new customer in Düsseldorf and Munich. Since July and August 2019, Singapore Airlines has been provided with catering services on four flights per week ex Düsseldorf and one daily flight ex Munich, respectively.

Another pleasing development is that the cooperation with Cathay Pacific is being intensified. Since the beginning of May 2019, DO & CO has provided catering services for six daily flights ex London Heathrow and ex London Gatwick.

The new DO & CO gourmet kitchen in Los Angeles has also won another customer with Air Italy (four flights per week) since April 2019.

The reduction in the EBITDA margin is primarily attributable to one-off legal and consulting fees for M & A projects in the amount of approximately € 2.5m.

2.6. International Event Catering

International Event Catering				1 st Half Year
			2019/2020 2018/2019	Change	Change in %	2019/2020 excl. IFRS 16		2019/2020 2018/2019	Change	Change in %	2019/2020 excl. IFRS 16
Revenue	m€	78.08	70.43	7.65	10.9%	78.08	37.61	34.08	3.53	10.4%	37.61
EBITDA	m€	10.47	8.05	2.42	30.1%	9.66	4.87	3.90	0.97	24.8%	4.57
Depreciation/amortisation	m€	-2.81	-2.28	-0.53	-23.3%	-2.04	-1.39	-1.16	-0.24	-20.5%	-1.10
EBIT	m€	7.66	5.77	1.89	32.8%	7.62	3.48	2.75	0.73	26.6%	3.46
EBITDA margin	%	13.4%	11.4%			12.4%	13.0%	11.5%			12.1%
EBIT margin	%	9.8%	8.2%			9.8%	9.3%	8.1%			9.2%
Share of Group Revenue	%	15.4%	16.2%			15.4%	14.4%	15.5%			14.4%

The division reports increased revenue and margins.

In the second quarter of the business year 2019/2020, six Formula 1 grand prix races took place. The VIP guests enjoyed DO & CO catering at its best in Silverstone, Hockenheim, Budapest, Spa, Monza and Sochi.

Moreover, in the second quarter of the business year 2019/2020, DO & CO 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 Red Bull Salzburg and
activities at Munich's Olympic Park.

2.7. Restaurants, Lounges & Hotel

2.7. Restaurants, Lounges & Hotel Restaurants, Lounges & Hotel				1 st Half Year					nd 2 Quarter
			2019/2020 2018/2019	Change	Change in %	2019/2020 excl. IFRS 16		2019/2020 2018/2019	Change	Change in %	2019/2020 excl. IFRS 16
Revenue	m€	67.89	58.42	9.47	16.2%	67.89	34.10	29.08	5.02	17.3%	34.10
EBITDA	m€	9.69	3.97	5.72	144.2%	5.49	5.63	2.63	3.01	114.5%	3.38
Depreciation/amortisation	m€	-5.00	-1.45	-3.54	-243.5%	-1.19	-2.70	-0.72	-1.98	-274.9%	-0.65
Effects from Impairment tests	m€	0.03	0.03	0.00	-7.9%	0.03	0.02	0.02	0.00	0.0%	0.02
Impairment	m€	0.03	0.03	0.00	-7.9%	0.03	0.02	0.02	0.00	0.0%	0.02
Appreciation	m€	0.00	0.00	0.00	0.0%	0.00	0.00	0.00	0.00	0.0%	0.00
EBIT	m€	4.72	2.54	2.18	85.6%	4.33	2.95	1.92	1.03	53.4%	2.74
EBITDA margin	%	14.3%	6.8%			8.1%	16.5%	9.0%			9.9%
EBIT margin	%	7.0%	4.4%			6.4%	8.6%	6.6%			8.0%
Share of Group Revenue	%	13.4%	13.5%			13.4%	13.1%	13.2%			13.1%

The division also reports increased revenue and margins. Activities at the restaurants, cafés, at Gourmet Retail Shops, 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

Key figures per share

		st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
		2019/2020	2018/2019	2019/2020	2018/2019
High 1	€	90.00	76.80	90.00	76.80
Low 1	€	70.00	45.55	78.00	49.30
Share price at the end of the period 1	€	84.50	75.10	84.50	75.10
Number of shares at the end of the period	TPie	9,744	9,744	9,744	9,744
Market capitalisation at the end of the period	m€	823.37	731.77	823.37	731.77

1… Closing price

Shareholder structure of DO & CO Aktiengesellschaft

On 30 September 2019, 57.63% of the shares are in free float. The remaining shares are held by the private foundation Attila Dogudan Privatstiftung (32.31%) and by Kabouter Management LLC (10.06%). The share of Attila Dogudan Privatstiftung 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

20 February 2020 Results for the first three quarters of 2019/2020

Investor relations

In the first half of the business year 2019/2020, 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:

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

Analysts have an average price target of € 100.99 (status: 1 November 2019).

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

For more information please contact:

Investor Relations Email: [email protected]

3. Outlook

With its 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.

More details are provided below:

GERMANY: SINGAPORE AIRLINES IN FRANKFURT, DÜSSELDORF AND MUNICH AT DO & CO

After winning Singapore Airlines in Düsseldorf and Munich towards the end of the business year 2018/2019, DO & CO acquired Singapore Airlines as a new customer also in Frankfurt with three daily flights starting in November 2019.

US: DO & CO ALSO WINS IBERIA AT NEW YORK, CHICAGO AND LOS ANGELES

DO & CO also won the North America catering-tender for Iberia at three locations. Starting in November 2019 and in the summer of 2020, catering services will be provided to Iberia at the Chicago O'Hare and Los Angeles as well as the New York John F. Kennedy locations, respectively.

SPAIN: DO & CO WINS IBERIA LOUNGE TENDER IN MADRID

After having been awarded the contract for providing catering and handling services on all Iberia and Iberia Express flights ex Madri

d-Barajas, DO & CO has also won both business lounges for Iberia at the Madrid-Barajas airport. DO & CO will provide catering services for these two lounges starting already at the beginning of February 2020.

PREPARATIONS FOR THE NEW BUSINESS YEAR 2020/2021

DO & CO is particularly busy in the last quarter of the business year 2019/2020 as well as the subsequent business year 2020/2021. The preparations for opening the gourmet kitchens in London and Madrid as well as the planning for the European football championship UEFA EURO 2020 are in full swing.

DO & CO's management is confident that it can continue its successful performance of the past years. A focus on innovation, superior product and service standards and excellently trained and committed staff continue to provide the underpinnings for DO & CO to make the best possible use of its available growth potential.

Interim Consolidated Financial Statements for the 1st Half Year of 2019/2020 of DO & CO Aktiengesellschaft in accordance with IFRS

1. Consolidated Statement of Financial Position as of 30 September 2019

	Assets in m€	30 Sep 2019	31 March 2019
Notes
	Intangible assets	46.96	48.89
2.1.	Property, plant and equipment	352.98	192.93
	Investment property	3.40	2.04
	Investments accounted for using the equity method	7.01	7.40
	Other financial assets	3.88	5.20
	Deferred tax assets	6.18	5.33
	Other non-current assets Non-current assets	21.50 441.90	20.32 282.12
	Inventories	37.85	32.53
	Trade receivables	135.56	110.89
	Other financial assets	15.31	12.52
	Income tax receivables	3.58	4.20
	Other non-financial assets	31.08	30.34
	Cash and cash equivalents	71.77	70.45
	Non-current assets held for sale	51.46	45.45
	Current assets	346.62	306.39
	Total assets	788.52	588.51

Notes	Shareholders' equity and liabilities in m€	30 Sep 2019	31 March 2019
	Share capital	19.49	19.49
	Capital reserves	70.51	70.51
	Retained earnings	191.17	186.76
	Other comprehensive income	-63.94	-66.63
	Special item from transactions with non-controlling interests	0.19	-0.33
	Equity attributable to the shareholders of DO & CO Aktiengesellschaft	217.41	209.79
	Non-controlling interests	50.31	47.74
2.2.	Shareholders´ equity	267.71	257.53
	Bond	149.53	149.37
2.3.	Other financial liabilities	124.09	0.00
	Non-current provisions	21.31	20.31
	Other non-current liabilities	0.02	0.04
	Income tax liabilities	0.04	0.04
	Deferred tax liabilities	4.43	4.20
	Non-current liabilities	299.42	173.96
2.3.	Other financial liabilities	68.30	24.50
	Trade payables	92.58	89.25
	Current provisions	14.77	13.62
	Income tax liabilities	17.34	13.49
	Other liabilities	28.31	16.09
	Liabilities directly allocable to non-current assets held for sale	0.11	0.06
	Current liabilities	221.39	157.01
	Total shareholders' equity and liabilities	788.52	588.51

2. Consolidated Income Statement for the 1 st Half Year of 2019/2020

		st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
Notes	in m€	2019/2020	2018/2019	2019/2020	2018/2019
3.1	Revenue	507.85	433.91	260.31	219.83
	Other operating income	6.86	5.56	4.20	3.39
	Cost of materials	-214.08	-187.19	-109.88	-96.38
	Personnel expenses	-164.80	-140.98	-84.14	-67.30
	Other operating expenses	-75.31	-70.51	-37.81	-37.81
	Result of equity investments accounted for using the equity method	0.18	1.62	-0.08	1.77
	EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	60.70	42.42	32.60	23.50
3.2	Amortisation / depreciation and effects from impairment tests	-26.26	-14.84	-13.75	-7.28
	EBIT - Operating result	34.45	27.58	18.86	16.23
	Financing income	0.93	1.61	0.38	1.00
	Financing expenses	-6.91	-3.04	-3.69	-1.54
	Other financial result	0.44	0.07	0.64	-0.57
3.3	Financial result	-5.54	-1.36	-2.68	-1.11
	Profit before income tax	28.91	26.21	16.18	15.11
	Income tax	-6.87	-6.78	-3.51	-3.75
	Profit after income tax	22.04	19.43	12.67	11.37
	Thereof net profit attributable to non-controlling interests	-7.08	-3.47	-3.40	-0.81
	Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	14.95	15.96	9.27	10.56

		st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	Net result in m€	2019/2020 14.95	2018/2019 15.96	2019/2020 9.27	2018/2019 10.56
	Number of shares at the end of the period (in Pie)	9,744,000	9,744,000	9,744,000	9,744,000
3.4	Basic/diluted earnings per share (in €)	1.53	1.64	0.95	1.08

3. Consolidated Statement of Comprehensive Income

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2019/2020	2018/2019	2019/2020	2018/2019
Profit after income tax	22.04	19.43	12.67	11.37
Differences of currency translation	4.74	-28.58	10.60	-21.97
Income tax	0.00	-0.71	-0.57	-0.08
Total of items that will be reclassified subsequently to the income statement	4.75	-29.29	10.02	-22.05
Termination benefits and pension payments obligations	0.00	-0.01	0.00	-0.01
Income tax	0.00	0.01	0.00	0.01
Total of items that will not be reclassified subsequently to the income statement	-0.01	0.00	-0.01	0.00
Other comprehensive income after income tax	4.74	-29.29	10.02	-22.06
Total comprehensive income for the period	26.78	-9.86	22.69	-10.69
Thereof attributable to non-controlling interests	9.14	-10.44	6.96	-9.32
Attributable to DO & CO Aktiengesellschaft (Total result)	17.64	0.57	15.73	-1.37

4. Consolidated Statement of Cash Flows

		st Half Year 1	st Half Year 1
	in m€	2019/2020	2018/2019
	Profit before income tax	28.91	26.21
		26.26	14.84
	+/- Amortisation / depreciation and effects from impairment tests -/+ Gains / losses from disposals of non-current assets	0.02	0.00

	-/+ Gains / losses from associated companies measured at equity without cash effect	0.22	-1.62
	+/- Other non-cash expenses / income	-2.70	0.34
	+/- Interest result	6.00	1.46
	+/- Dividends	0.00	-0.02
	Gross cash flow	58.70	41.21

	-/+ Increase / decrease in inventories and other current assets	-31.57	-40.05
	+/- Increase / decrease in provisions	0.78	0.66
	+/- Increase / decrease in trade payables and other liabilities	15.58	22.58
-	Income tax payments	-2.99	-2.44
	Cash flow from operating activities (net cash flow)	40.50	21.96

+	Payments received for disposals of property, plant and equipment	0.14	0.09
	and intangible assets
+	Payments received for the disposal of other financial assets	0.04	0.07
-	Additions to property, plant and equipment	-26.88	-15.52
- -	Additions to intangible assets Additions to other financial assets	-0.28 -2.11	-0.22 -0.07

	Cash outflows for the acquisition of subsidiaries, less acquired cash	3.31	0.00
- +	Dividends received	0.00	0.02
+	Interest received	0.91	1.58
	Cash flow from investing activities	-24.88	-14.03

-	Dividend payment to shareholders of DO & CO Aktiengesellschaft	-8.28	-8.28
-	Dividend payment to non-controlling interests	-2.71	0.00
-	Cash outflows for the acquisition of non-controlling interests	-4.05	0.00
+	Increase in financial liabilities	14.59	0.00
-	Repayment of financial liabilities	-11.58	0.00
-	Interest paid	-3.59	-0.05
	Cash flow from financing activities	-15.62	-8.33
	Net increase/decrease in cash and cash equivalents	-0.03	-0.40
	Cash and cash equivalents at the beginning of the period	70.45	76.47
	Effects of exchange rate changes on cash and cash equivalents (opening balance)	0.82	-4.87
	Effects of exchange rate changes on cash and cash equivalents (movement)	0.53	0.19
	Cash and cash equivalents at the end of the period	71.77	71.39
	Net increase/decrease in cash and cash equivalents	-0.03	-0.40

5. Consolidated Statement of Changes in Equity

Equity of the shareholders of DO & CO Aktiengesellschaft
					Other comprehensive income
						Special item from
	Share		Retained	Currency translation	Revaluation	transactions with			Total
in m€	capital	Capital reserves	earnings	differences	IAS 19	non-controlling interests	Total	Non-controlling interests	equity
As of 1 April 2019	19.49	70.51	186.76	-64.66	-1.96	-0.33	209.79	47.74	257.53
Dividend payments 2018/2019			-8.28				-8.28	-4.26	-12.54
Purchase of own shares			-2.26				-2.26	-1.79	-4.05
Total result			14.96	2.69	-0.01		17.64	9.14	26.78
Transactions with non-controlling interests						0.52	0.52	-0.52	0.00
As of 30 September 2019	19.49	70.51	191.17	-61.98	-1.97	0.19	217.41	50.31	267.71
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

6. Segment Reporting

Segment reporting by division for the first half of the business year 2019/2020 and the first half of the business year 2018/2019 is as follows:

st Half Year 1 2019/2020		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Revenue	m€	361.88	78.08	67.89	507.85
EBITDA	m€	40.54	10.47	9.69	60.70
Depreciation/amortisation	m€	-18.65	-2.81	-5.00	-26.45
Effects from Impairment tests	m€	0.16	0.00	0.03	0.19
Impairment	m€	0.00	0.00	0.03	0.03
Appreciation	m€	0.16	0.00	0.00	0.16
EBIT	m€	22.06	7.66	4.72	34.45
EBITDA margin	%	11.2%	13.4%	14.3%	12.0%
EBIT margin	%	6.1%	9.8%	7.0%	6.8%
Share of Group Revenue	%	71.3%	15.4%	13.4%	100.0%
Total investments	m€	24.70	1.15	2.26	28.12

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
Impairment	m€	-1.32	0.00	0.03	-1.29
Appreciation	m€	0.00	0.00	0.00	0.00
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

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 1 Half Year 2019/2020		Turkey	Austria	Great Britain	Germany	USA	Other Countries	Total
Sales	m€	164.55	89.06	76.05	68.53	65.29	44.38	507.85
Share of Group Revenue	%	32.4%	17.5%	15.0%	13.5%	12.9%	8.7%	100.0%

s t Half Year 1 2018/2019		Turkey	Austria	Great Britain	Germany	USA	Other Countries	Total
Sales	m€	123.71	85.32	72.52	64.50	57.35	30.52	433.91
Share of Group Revenue	%	28.5%	19.7%	16.7%	14.9%	13.2%	7.0%	100.0%

Non-current assets pursuant to IFRS 8 by geographical regions (excl. income tax receivables and deferred taxes) as of 30 September 2019 and 31 March 2019 are presented below:

30 September 2019		USA	Great Britain	Germany	Turkey	Austria	Other Countries	Total
Non-current assets	m€	82.47	73.88	49.06	56.14	104.60	69.57	435.72
in %		18.9%	17.0%	11.3%	12.9%	24.0%	16.0%	100.0%

31 March 2019		USA	Great Britain	Germany	Turkey	Austria	Other Countries	Total
Non-current assets	m€	68.68	41.70	39.68	32.63	29.95	64.15	276.79
in %		24.8%	15.1%	14.3%	11.8%	10.8%	23.2%	100.0%

Condensed Notes to the Consolidated Financial Statements for the 1st Half Year of 2019/2020

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 2019/2020, and in accordance with group-wide accounting principles set out by the parent company.

The interim consolidated financial statements as of 30 September 2019 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 2019.

Unless otherwise stated, the interim consolidated financial statements were prepared in millions of euros (m€), figures in the notes are also given 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 2019.

For further information on the accounting and valuation methods applied, we refer to the consolidated financial statements as of 31 March 2019 that form the basis of these condensed interim consolidated financial statements.

The following new and/or amended standards and interpretations became effective in the first half of the business year 2019/2020. No standards or interpretations were adopted early on a voluntary basis.

New and amended standards and interpretations

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 for 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.

As lessee, DO & CO recognises a lease liability and a right-of-use asset as of the time the leased asset has been provided to DO & CO. The lease liability is discounted and redeemed by current payments. The right-of-use asset is amortised on a straight line basis over the contract term. This results in an increase in assets and liabilities and therefore in higher amortisation/depreciation/impairment and interest expenses. On the other hand, rental expenses decrease. In the course of the first-time application of IFRS 16, DO & CO has recognised right-of-use assets in the amount of € 131.64m and lease liabilities in the amount of € 127.45m. Thereof, € 122.84m of right-of-use assets relate to real estate. The remaining € 8.79m relate to other property, plant and equipment. EBITDA (€ +13.83m) and EBIT (€ +2.18m) improved in the course of application of IFRS 16. The net result, however, decreased by € -0.69m. DO & CO uses the modified retrospective approach for the first-time application as of 1 April 2019. Prior-year figures have therefore not been adjusted. DO & CO uses the options not to apply the provisions of IFRS 16 on the recognition of short-term leases (with a term of less than one year) and low-value leased assets (replacement value up to an amount of approximately € 5,000). For lease liabilities recognised for the first time as of 1 April 2019, country-specific interest rates between 0.5% and 18.17% were applied.

The first-time application of IFRS 16 as of 1 April 2019 has the following impact on the consolidated statement of financial position:

		31 March 2019 Adjustment IFRS 16	1 April 2019
Property, plant and equipment	192.93	127.46	320.40

Other current non-financial assets	30.34	0.01	30.35

Other current liabilities	16.09	-0.01	16.08
Other non-current financial liabilities	0.00	108.19	108.19
Other current financial liabilities	24.50	19.26	43.76

The following table shows the reconciliation of the minimum lease payments as of 31 March 2019 and the lease liability reported on 1 April 2019:

	in m€
Future operating lease payments to be made under operating lease agreements that cannot be cancelled prematurely as of 31 March 2019	153.46
Discounted using the average incremental borrowing rate at initial application of IFRS 16	118.62
Shortterm leases	-1.95
Leases of low value	-0.01
Adjustment due to different assumptions	10.79
Lease liablities recognised as of 1 April 2019	127.45

1.3. Scope of consolidation

The company DO & CO Restauración España, S.L. was established by DO & CO and consolidated for the first time with effect as of 30 September 2019.

In the second quarter of the business year 2019/2020, DO & CO acquired a further 5% of the shares in Lasting Impressions Food Company Ltd. at a purchase price of € 4.05m. The Group now holds 90% of the equity of Lasting Impressions Food Company Ltd. At the acquisition date, the carrying amount of the non-controlling interests in Lasting Impressions Food Company Ltd was € 2.10m. The Group recorded a decrease in non-controlling interests of € 1.70m and a decrease in equity attributable to the shareholders of the parent company of € 2.26m (purchase price excess recorded in the parent company's equity).

The joint venture Nespresso DO & CO, which was included at equity in the consolidated financial statements, was terminated with effect as of 31 August 2019. Effective as of 1 September 2019, DO & CO acquired 50% of the shares in the joint venture at a purchase price of CHF 1 and now holds 100% of the shares. With this purchase, DO & CO intends to further expand the retail segment on an international level.

The following entities are now fully included in the consolidated financial statements:

Nespresso DO & CO SA
DO & CO Café UK Ltd.
Nespresso DO & CO Cafe USA Inc.
Nespresso DO & CO Cafe GmbH

The net assets acquired are composed on the basis of the fair values at the time of acquisition as follows:

in m€
Non-current assets	12.19
Current assets	3.73
Thereof cash and cash equivalents	3.36
Non-current provisions and liabilities	11.91
Current provisions and liabilities	2.33
Net assets	1.69
Badwill	1.69
Consideration transferred (purchase price)	0.00

The Badwill resulting from the purchase price of CHF 1 is reported under other operating income. It is due to a payment received from the joint venture partner in the course of terminating the joint venture.

In the period from 1 September to 30 September, the acquired entities generated revenue in the amount of € 0.09m and a net result of € -0.24m.

1.4. Seasonality

Airline Catering and International Event Catering are subject to fluctuations in business volume. Whereas increased flight and passenger numbers are of significant importance for airline customers 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. Property, plant and equipment

The increase in property, plant and equipment is mainly due to the first-time application of IFRS 16.

2.2. Shareholders' equity

By resolution of the 21st General Meeting of Shareholders of DO & CO Aktiengesellschaft held on 18 July 2019, a dividend of € 0.85 per dividend-bearing share for the business year 2018/2019 was approved. The dividend was paid out on 5 August 2019.

In this General Meeting of Shareholders, the Management Board was authorised to acquire own shares (on exchange/off exchange) up to a maximum amount of 10% of the nominal capital, even under the exclusion of the right to sell on a pro rata basis which may be associated with such an acquisition (exclusion of reverse subscription rights). Moreover, the Management Board was authorised to resolve on the disposal or use of own shares by means other than sale through the stock exchange or by means of a public offer, applying the provisions on the exclusion of subscription rights of shareholders by analogy, as well as to decrease the share capital by withdrawing these own shares without further resolution of the General Meeting of Shareholders.

2.3. Other financial liabilities (current/non-current)

The increase in these items is mainly due to the first-time application of IFRS 16.

3. Comments on the Consolidated Income Statement

3.1. Revenue

Revenue from contracts with customers by segments and geographical regions breaks down as follows:

Countries		Airline Catering International Event Catering	Restaurant, Lounges & Hotel	Total
Turkey	151.75	0.03	12.77	164.55
Austria	48.90	9.60	30.56	89.06
Great Britain	51.20	20.81	4.03	76.05
Germany	22.03	28.90	17.60	68.53
USA	65.29	0.00	0.00	65.29
other countries	22.71	18.73	2.93	44.38
Total	361.88	78.08	67.89	507.85

3.2. Amortisation/ depreciation and effects from impairment tests

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2019/2020	2018/2019	2019/2020	2018/2019
Amortisation and depreciation	-26.45	-13.56	-13.93	-5.98
Effects from impairment tests	0.19	-1.28	0.18	-1.30
Total	-26.26	-14.84	-13.75	-7.28

The increase in amortisation/depreciation/impairment is mainly due to the first-time application of IFRS 16.

3.3. Financial result

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2019/2020	2018/2019	2019/2020	2018/2019
Income from non-current securities	0.02	0.02	0.01	0.00
Interest and similar income	0.91	1.58	0.37	1.00
Interest and similar expenses	-6.91	-3.04	-3.69	-1.54
Other financial result	0.44	0.07	0.64	-0.57
Total	-5.54	-1.36	-2.68	-1.11

The increase in interest and similar expenses is mainly due to the first-time application of IFRS 16. The other financial result includes foreign exchange differences resulting from group financing in foreign currencies.

3.4. Earnings per share

	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2019/2020	2018/2019	2019/2020	2018/2019
Net result in m€	14.95	15.96	9.27	10.56
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 €)	1.53	1.64	0.95	1.08

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
in m€	Carrying amount 30 Sep 2019	category according to IFRS 9	Fair Value	Level

Other financial assets (non-current)	3.88
Investments and securities	0.36	FVTPL
Shares in affiliated companies	0.15	FVTPL		3
Securities	0.21	FVTPL		1
Other non-current assets	3.52	AC
Trade receivables	135.56	AC
Other financial assets (current)	15.31	AC
Cash and cash equivalents	71.77	AC
Total assets	226.52

Bond	149.53	FLAC	156.42	1
Other non-current financial liabilities	124.09	FLAC
Other financial liabilities (current)	68.30
Loans	17.90	FLAC	17.70	3
Miscellaneous other current financial liabilities	50.40	FLAC
Trade payables	92.58	FLAC
Total liabilities	434.50

in m€	Carrying amount 31 March 2019	Measurement category according to IFRS 9	Fair Value	Level
Other financial assets (non-current) Investments and securities Shares in affiliated companies Securities	5.20 0.39 0.18 0.21	FVTPL FVTPL FVTPL		3 1
Other non-current assets Trade receivables Other financial assets (current) Cash and cash equivalents	4.81 110.89 12.52 70.45	AC AC AC AC
Total assets	199.06
Bond Other financial liabilities (current) Loans Miscellaneous other current financial liabilities Trade payables	149.37 24.50 2.82 21.68 89.25	FLAC FLAC FLAC FLAC	155.15 2.62	1 3
Total liabilities	263.13

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 financial 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 2019 that would be of importance with regard to the Group's financial situation and performance.

4.3. Related party disclosures

In its normal course of business, DO & CO Aktiengesellschaft has direct and/or indirect relationships with unconsolidated subsidiaries, joint ventures and associates.

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.

	st Half Year 2019/2020 1				st Half Year 2018/2019 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	0.47	0.26	0.00	0.01	0.76	1.17
Supplies received and services rendered	3.04	4.77	0.03	1.12	2.88	4.71	0.03	1.10
	30 September 2019				31 March 2019
in m€	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries
	0.95	0.01	1.64	0.05	2.43	0.29	1.72	0.04
Receivables
Payables	0.04	2.05	0.14	0.26	0.37	2.33	0.16	0.12

Statements by the Management Board

We confirm to the best of our knowledge

that the condensed interim consolidated financial statements of DO & CO Aktiengesellschaft prepared in conformity with the applicable accounting standards give a true and fair view of the Group's assets and liabilities, financial situation and results of operations, and
that the Group Management Report for the Half Year provides a true and fair view of the Group's assets and liabilities, financial situation and results of operations with regard to the significant events that have occurred during the first six months of the business year and their impact on the condensed interim consolidated financial statements, and with regard to the principal risks and uncertainties concerning the remaining six months of the business year.

Vienna, 14 November 2019

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 2019/2020		st Half year 1 2018/2019		nd Quarter 2 2019/2020		nd Quarter 2 2018/2019
EBITDA margin in %	EBITDA External revenue	m€ m€	60.70 507.85	12.0%	9.8%	m€ m€	32.60 260.31	12.5%	10.7%
EBIT margin in %	EBIT External revenue	m€ m€	34.45 507.85	6.8%	6.4%	m€ m€	18.86 260.31	7.2%	7.4%
Return on Sales in %	Profit before income tax External revenue	m€ m€	28.91 507.85	5.7%	6.0%	m€ m€	16.18 260.31	6.2%	6.9%
Adjusted equity in m€	+ Shareholders´ equity - (proposed) dividend payment	m€ m€	267.71 0.00	267.71	227.85	m€ m€	267.71 0.00	267.71	227.85
Equity ratio in %	Adjusted equity Total capital	m€ m€	267.71 788.52	34.0%	40.0%	m€ m€	267.71 788.52	34.0%	40.0%
Return on equity (ROE) in %	Profit after income taxes (HY2 previous year + HY1 current year) ² Ø adjusted equity 1	m€ m€	39.54 249.21	15.9%	14.5%	m€ m€	39.54 249.21	15.9%	14.5%
Debt (financial liabilities) in m€	+ Bond + Other financial liabilities (non-current) + Current loans + Current lease liability	m€ m€ m€ m€	149.53 124.09 17.90 21.72	313.24	151.85	m€ m€ m€ m€	149.53 124.09 17.90 21.72	313.24	151.85
Net debt (net financial liabilities) in m€	+ Debt - Cash and cash equivalents	m€ m€	313.24 71.77	241.47	80.46	m€ m€	313.24 71.77	241.47	80.46
Net debt to EBITDA	Net debt EBITDA (HY2 previous year + HY1 current year) ²	m€ m€	241.47 98.66	2.45	0.98	m€ m€	241.47 98.66	2.45	0.98
Net gearing in %	Net debt Adjusted equity	m€ m€	241.47 267.71	90.2%	35.3%	m€ m€	241.47 267.71	90.2%	35.3%
Surplus cash in m€	+ Cash and cash equivalents - 2% of revenue (HY2 previous year + HY1 current year) ² - (proposed) dividend payment	m€ m€ m€	71.77 18.43 0.00	53.34	54.50	m€ m€	71.77 18.43 0.00	53.34	54.50
Working capital in m€	+ Current assets - Current provisions and liabilities - Surplus cash - Assets held for sale - (proposed) dividend payment	m€ m€ m€ m€ m€	346.62 221.39 53.34 51.46 0.00	20.43	43.90	m€ m€ m€ m€ m€	346.62 221.39 53.34 51.46 0.00	20.43	43.90
Free cash flow in m€	+ Cash flow from operating activities + Cash flow from investing activities	m€ m€	40.50 -24.88	15.62	7.93	m€ m€	28.96 -15.74	13.22	10.44
EPS (Earnings per Share) in €	Net result Number of shares	m€ Mpie	14.95 9.74	1.53	1.64	m€ Mpie	9.27 9.74	0.95	1.08
Price / Earnings ratio	Share price at the end of the period EPS (HY2 previous year + HY1 current year) ²	€ €	84.50 2.61	32.42	26.22	€ €	84.50 2.61	32.42	26.22
Tax ratio in %	Income tax Profit before income tax	m€ m€	6.87 28.91	23.8%	25.9%	m€ m€	3.51 16.18	21.7%	24.8%
Adjusted EBIT in m€	EBIT - Rent income from investment property + Cost from investment property	m€ m€ m€	34.45 0.00 0.00	34.45	27.58	m€ m€ m€	18.86 0.00 0.00	18.86	16.23
Capital employed in m€	+ Adjusted equity + Non-current provisions and liabilities - Cash and cash equivalents - Investment property	m€ m€ m€ m€	267.71 299.42 71.77 3.40	491.96	325.57	m€ m€ m€ m€	267.71 299.42 71.77 3.40	491.96	325.57
Return on capital employed (ROCE) in %	Adjusted EBIT (HY2 previous year + HY1 current year) ² Ø Capital employed 1	m€ m€	58.32 401.45	14.5%	15.4%	m€ m€	58.32 401.45	14.5%	15.4%

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 2019 to 30 September 2019. The condensed interim consolidated financial statements comprise the condensed consolidated statement of financial position as of 30 September 2019, 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 2019 to 30 September 2019 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 2019 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.