DO & CO AKTIENGESELLSCHAFT FINANCIAL REPORT FIRST HALF YEAR OF 2020/2021

	Group Management Report for the 1st Half Year of 2020/2021 1
1.	Key Figures of the DO & CO Group in accordance with IFRS 1
2.	Business Development 2
2.1.	Revenue 3
2.2.	Result 3
2.3.	Statement of financial position 4
2.4.	Employees 4
2.5.	Airline Catering 5
2.6.	International Event Catering 6
2.7.	Restaurants, Lounges & Hotel 7
2.8.	Share / Investor Relations 8
3.	Outlook 10
	Interim Consolidated Financial Statements for the 1st Half Year of 2020/2021 of
	DO & CO Aktiengesellschaft in accordance with IFRS 11
1.	Consolidated Statement of Financial Position as of 30 September 2020 12
2.	st Half Consolidated Income Statement for the 1 Year of 2020/2021 13
3.	Consolidated Statement of Comprehensive Income 14
4.	Consolidated Statement of Cash Flows 15
5.	Consolidated Statement of Changes in Equity 16
6.	Segment Reporting 17

	Condensed Notes to the Consolidated Financial Statements for the 1st Half Year of
	2020/2021 19
1.	General Information 19
1.1.	Basis 19
1.2.	Accounting and valuation methods 19
1.3.	Significant discretionary decisions and estimates 19
1.4.	Scope of consolidation 20
1.5.	Seasonality and economic influences 20
2.	Comments on the Consolidated Statement of Financial Position 20
2.1.	Intangible Assets 20
2.2.	Property, plant and equipment 22
2.3.	Shareholders' equity 23
2.4.	Other financial liabilities (current) 23
3.	Comments on the Consolidated Income Statement 23
3.1.	Revenue 23
3.2.	Result of equity investments accounted for using the equity method 23
3.3.	Amortisation/depreciation and effects from impairment tests 23
3.4.	Financial Result 24
3.5.	Earnings per share 24
4.	Additional disclosures 25
4.1.	Additional disclosures on financial instruments 25
4.2.	Significant events after the reporting period (subsequent report) 26
4.3.	Related party disclosures 26
	Statements by the Management Board 27
	Report on the Review of the Condensed Interim Consolidated Financial Statements
	28

Group Management Report for the 1st Half Year of 2020/2021

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

		st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
		2020/2021	2019/2020	2020/2021	2019/2020
Revenue	m€	111.35	507.85	78.88	260.31
EBITDA	m€	6.59	60.70	14.31	32.60
EBITDA margin	%	5.9%	12.0%	18.1%	12.5%
EBIT	m€	-31.58	34.45	-9.92	18.86
EBIT margin	%	-28.4%	6.8%	-12.6%	7.2%
Profit before income tax	m€	-41.83	28.91	-15.36	16.18
Net result	m€	-37.27	14.95	-15.11	9.27
Net result margin	%	-33.5%	2.9%	-19.2%	3.6%

Cash flow from operating activities	m€	6.26	40.50	21.84	28.96
Cash flow from investing activities	m€	-21.81	-24.88	-11.47	-15.74
Free cash flow	m€	-15.55	15.62	10.37	13.22

EBITDA per share	€	0.68	6.23	1.47	3.35
EBIT per share	€	-3.24	3.54	-1.02	1.94
Earnings per share	€	-3.82	1.53	-1.55	0.95
ROS	%	-37.6%	5.7%	-19.5%	6.2%

		30. Sep 2020	31. March 2020
Equity1	m€	140.86	206.32
Equity ratio1	%	14.6%	18.9%
Net debt (net financial liabilities)	m€	377.76	366.40
Net debt to EBITDA		23.61	5.23
Net gearing	%	268.2%	177.6%
Working capital	m€	-204.62	-195.26
Cash and cash equivalents	m€	281.61	300.88
Equity per share (book entry)1	€	10.93	16.65
High2	€	52.60	96.70
Low2	€	33.75	30.00
Price at the end of the period2	€	34.90	35.90
Number of shares at the end of the period	TPie	9,744	9,744
Market capitalization at the end of the period	m€	340.07	349.81

Employees 7,891 10,726

1… Adjusted by proposed dividend payments

2… Closing rate

2. Business Development

Group			st Half Year 1				nd 2 Quarter
			2020/2021 2019/2020	Change	Change in %	2020/2021 2019/2020		Change	Change in %
Revenue	m€	111.35	507.85	-396.49	-78.1%	78.88	260.31	-181.42	-69.7%
Other operating income	m€	10.10	6.86	3.24	47.2%	6.50	4.20	2.31	54.9%
Cost of materials	m€	-27.17	-214.08	186.91	87.3%	-19.19	-109.88	90.68	82.5%
Personnel expenses	m€	-55.32	-164.80	109.48	66.4%	-33.52	-84.14	50.62	60.2%
Other operating expenses	m€	-31.49	-75.31	43.82	58.2%	-17.77	-37.81	20.04	53.0%
Result of equity investments accounted for using the equity method m€		-0.89	0.18	-1.07	-590.5%	-0.59	-0.08	-0.52	-666.6%
EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	m€	6.59	60.70	-54.11	-89.1%	14.31	32.60	-18.29	-56.1%
Amortisation / depreciation and effects from impairment tests	m€	-38.16	-26.26	-11.91	-45.3%	-24.22	-13.75	-10.48	-76.2%
EBIT - Operating result	m€	-31.58	34.45	-66.02	-191.7%	-9.92	18.86	-28.77	-152.6%
Financial result	m€	-10.25	-5.54	-4.71	-85.1%	-5.44	-2.68	-2.77	-103.5%
Profit before income tax	m€	-41.83	28.91	-70.74	-244.7%	-15.36	16.18	-31.54	-194.9%
Income tax	m€	4.52	-6.87	11.39	165.8%	-0.01	-3.51	3.50	99.8%
Profit after tax	m€	-37.30	22.04	-59.34	-269.3%	-15.37	12.67	-28.04	-221.3%
Therof net profit attributable to non-controlling interests	m€	0.04	-7.08	7.12	100.5%	0.25	-3.40	3.66	107.5%
Therof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	m€	-37.27	14.95	-52.22	-349.2%	-15.11	9.27	-24.39	-263.0%
EBITDA margin	%	5.9%	12.0%			18.1%	12.5%
EBIT margin	%	-28.4%	6.8%			-12.6%	7.2%
Employees		7,891	11,179	-3,288	-29.4%	8,191	11,384	-3,193	-28.0%

The first half of the business year 2020/2021 is characterised by the unprecedented impact of the COVID-19 pandemic. Despite the DO & CO Group operating in 21 countries in three different divisions with various distribution channels, all business activities were suddenly affected at the same time and brought the entire business to a standstill. A global economic downturn and the economic consequences of the pandemic strongly affected revenue and the result.

Immediately after the beginning of the crisis, the Management Board started to implement an extensive set of unpleasant and difficult measures to reduce running costs. To increase the competitive advantage and flexibility, the organisation was quickly adapted to the new market conditions. To this end, all divisions also worked on new business models (particularly in the B2C area) to tap into new channels of distribution with only manageable investments with regard to existing gourmet kitchens around the world.

The first quarter of the business year 2020/2021 was characterised by the complete standstill of business operations and largescale restructuring measures. In the second quarter, all three divisions reported a slow recovery and resumption of business activities. Despite the slow recovery revenues and results significantly increased in the second quarter compared to the first quarter of the business year 2020/2021, demonstrating the effectiveness of the measures implemented by the Management Board. Sales have more than doubled compared to the first quarter with the EBITDA margin increasing to 18.1%. The EBIT and net result are affected by depreciation and the results of from the impairment tests.

Despite all these things, in the General Meeting of Shareholders dated 31 July 2020, an "anticipatory resolution" was passed as a precautionary measure, authorising the Management Board to utilise a capital increase of up to a maximum amount of 10% of the share capital when required, even under exclusion of the subscription right. The exclusion of the subscription right guarantees a quick implementation of the liquidity measure, should this become necessary. Along with the capital increase approved in the General Meeting of Shareholders in 2018, the Management Board now has the power to increase the share capital by up to 20%.

2.1. Revenue

In the first half of the business year 2020/2021, which was characterised by the impact of the COVID-19 pandemic, the DO & CO Group recorded revenue in the amount of € 111.35m, representing a decrease of -78.1% or € -396.49m compared to the same period in the previous year.

Revenue	1 st Half Year				nd Quarter 2
			2020/2021 2019/2020	Change	Change in %	2020/2021 2019/2020		Change	Change in %
Airline Catering	m€	78.81	361.88	-283.07	-78.2%	54.88	188.60	-133.72	-70.9%
International Event Catering	m€	15.33	78.08	-62.75	-80.4%	13.34	37.61	-24.26	-64.5%
Restaurants, Lounges & Hotel	m€	17.21	67.89	-50.67	-74.6%	10.65	34.10	-23.45	-68.8%
Group Revenue		111.35	507.85	-396.49	-78.1%	78.88	260.31	-181.42	-69.7%

Share of Group Revenue	1 st Half Year
			2020/2021 2019/2020
Airline Catering	%	70.8%	71.3%
International Event Catering	%	13.8%	15.4%
Restaurants, Lounges & Hotel	%	15.5%	13.4%
Group Revenue		100.0%	100.0%

In the first half of the business year 2020/2021, revenue from the Airline Catering division decreased by € -283.07m from € 361.88m to € 78.81m. This represents a decrease of -78.2%. The Airline Catering division's revenue produced 70.8% of the Group's overall revenue (PY: 71.3%).

In the first half of the business year 2020/2021, revenue from the International Event Catering division decreased by € -62.75m from € 78.08m to € 15.33m. This represents a decrease of -80.4%. The International Event Catering division's revenue produced 13.8% of the Group's overall revenue (PY: 15.4%).

In the first half of the business year 2020/2021, revenue from the Restaurants, Lounges & Hotel division decreased by € -50.67m from € 67.89m to € 17.21m. This represents a decrease of -74.6%. The Restaurants, Lounges & Hotel division's revenue produced 15.5% of the Group's overall revenue (PY: 13.4%).

2.2. Result

Other operating income amounts to € 10.10m (PY: € 6.86m). This represents an increase of € 3.24m and is mainly resulting from the changes in estimates regarding the credit risks of customer receivables.

In absolute figures, cost of materials decreased by € -186.91m (-87.3%), from € 214.08m to € 27.17m, at a revenue decrease rate of -78.1%. Cost of materials as a proportion of revenue thus decreased from 42.2% to 24.4%.

Personnel expenses in absolute figures decreased to € 55.32m in the first half of the business year 2020/2021 (PY: € 164.80m). Personnel expenses as a proportion of revenue thus are 49.7% (PY: 32.5%).

Other operating expenses show a decrease of € -43.82m or -58.2%. Accordingly, other operating expenses as a proportion of revenue were 28.3% (PY: 14.8%).

The result of investments accounted for using the equity method amounts to € -0.89m in the first half of the business year 2020/2021 (PY: € 0.18m).

The EBITDA margin was 5.9% in the first half of the business year 2020/2021 (PY: 12.0%).

In the first half of the business year 2020/2021, amortisation/depreciation and effects from impairment tests amounted to € 38.16m, representing an increase on the previous year (PY: € 26.26m).

The EBIT margin was -28.4% in the first half of the business year 2020/2021 (PY: 6.8%).

The financial result declined from € -5.54m to € -10.25m in the first half of the business year 2020/2021. The financing expenses mainly comprise interest expenses related to IFRS 16 and interest for loans and for the corporate bond placed at the beginning of 2014.

Income tax amounts to € 4.52m for the first half of the business year 2020/2021 (PY: € -6.87m), representing a change of € 11.39m. Due to the capitalisation of deferred tax assets on current losses, the tax ratio (tax expense or tax income as a proportion of untaxed income) was -10.8% in the first half of the business year 2020/2021 (PY: 23.8%).

For the first half of the business year 2020/2021, the groups result after income tax was € -37.3m, resulting in a decrease of € -59.34m for the same period of the previous year. € -0.04m (PY: € 7.08 m) of the result after income tax is attributable to non-controlling interests.

The result attributable to the shareholders of DO & CO Aktiengesellschaft (net result) therefore amounts to € -37.27m (PY: € 14.95m). Earnings per share thus amount to € -3.82 (PY: € 1.53). The net result margin amounts to -33.5% in the first half of the business year 2020/2021 (PY: 2.9%).

2.3. Statement of financial position

The Group's equity amounts to € 140.86m as of 30 September 2020. The equity ratio thus is 14.6% as of 30 September 2020 (31 March 2020: 18.9%).

2.4. Employees

The average number of staff (full-time equivalent) in the first half of the business year 2020/2021 was 7,891 (PY: 11,179 employees).

2.5. Airline Catering

Airline Catering		st Half Year 1				nd Quarter 2
			2020/2021 2019/2020	Change	Change in %	2020/2021 2019/2020		Change	Change in %
Revenue	m€	78.81	361.88	-283.07	-78.2%	54.88	188.60	-133.72	-70.9%
EBITDA	m€	6.66	40.54	-33.89	-83.6%	10.61	22.10	-11.49	-52.0%
Depreciation/amortisation	m€	-20.07	-18.65	-1.43	-7.7%	-10.04	-9.83	-0.21	-2.1%
Effects from Impairment tests	m€	-1.64	0.16	-1.80	-	-1.64	0.16	-1.80	-
Impairment	m€	-1.64	0.00	-1.64	0.0%	-1.64	0.00	-1.64	0.0%
Appreciation	m€	0.00	0.16	-0.16	-98.9%	0.00	0.16	-0.16	-100.0%
EBIT	m€	-15.05	22.06	-37.11	-168.2%	-1.08	12.43	-13.50	-108.7%
EBITDA margin	%	8.5%	11.2%			19.3%	11.7%
EBIT margin	%	-19.1%	6.1%			-2.0%	6.6%
Share of Group Revenue	%	70.8%	71.3%			69.6%	72.5%

The Airline Catering locations reported a significantly decreased business development in the first half of the business year 2020/2021 due to the COVID-19 pandemic, which lead to a severe restriction of worldwide aviation. However, in the second quarter of the business year 2020/2021, revenue and result were significantly increased compared to the first quarter.

One positive development to be reported is that following the first COVID-19 shock and the shut downs in the individual countries, more and more quality-oriented airlines have again started to offer food on board as well as lounge services on the ground as passengers – particularly in the premium classes – had already become very dissatisfied.

After the successful takeover of catering services on all British Airways long-haul flights ex London Heathrow in mid-May 2020, all short-haul flights were also taken over on 15 September 2020. DO & CO has again demonstrated its high operational reliability and secure processes. In conjunction with the takeover of the entire catering services for British Airways at London Heathrow, the most modern and largest gourmet kitchen in Europe with an area of more than 34,000 sqm was also opened in London and became fully operational.

The COVID-19 pandemic forced DO & CO to commence the development of new business models and products. In the Airline Catering division a new "Premium Box" concept was developed for several airlines due to the COVID-19 pandemic to reduce the interaction between crew and passengers. Flight attendants can now hand over the DO & CO product to the passengers without contact. Nevertheless, emphasis continues to be put on premium ingredients and fresh preparation exclusively as well as on biodegradable packaging.

Against this backdrop and due to the unfavourable market environment, the Airline Catering division accounted for revenue of € 78.81m (PY: € 361.88m) in the first half of the business year 2020/2021. This represents a decrease of -78.2% on the previous year. At € 6.66m EBITDA is less than the figure of the same period in the previous year by € -33.89m (-83.6%). EBIT amounts to € -15.05m (PY: € 22.06m). The decline in revenue and in the result is solely and exclusively attributable to the impact of the COVID-19 pandemic.

2.6. International Event Catering

International Event Catering		st Half Year 1				nd Quarter 2
		2020/2021 2019/2020	Change	Change in %	2020/2021 2019/2020		Change	Change in %
Revenue m€	15.33	78.08	-62.75	-80.4%	13.34	37.61	-24.26	-64.5%
EBITDA m€	3.09	10.47	-7.38	-70.5%	3.68	4.87	-1.20	-24.5%
Depreciation/amortisation m€	-2.10	-2.81	0.71	25.2%	-0.80	-1.39	0.60	42.9%
Impairment m€	0.00	0.00	0.00	0.0%	0.00	0.00	0.00	0.0%
Impairment m€	0.00	0.00	0.00	0.0%	0.00	0.00	0.00	0.0%
Appreciation m€	0.00	0.00	0.00	0.0%	0.00	0.00	0.00	0.0%
EBIT m€	0.99	7.66	-6.67	-87.1%	2.88	3.48	-0.60	-17.2%
EBITDA margin %	20.1%	13.4%			27.6%	13.0%
EBIT margin %	6.4%	9.8%			21.6%	9.3%
Share of Group Revenue %	13.8%	15.4%			16.9%	14.4%

As in all business units, business activities in the International Event Catering division also resumed considerably in the second quarter of the business year 2020/2021. However, revenue and result were still strongly affected in the first half of the business year 2020/2021 due to the impact of the COVID-19 pandemic.

In the first quarter of the business year 2020/2021, all Formula 1 grand prix races were cancelled due to the COVID-19 pandemic and the start of the season was postponed to the second quarter. The first ten from a total of 17 scheduled races mostly took place without any spectators in the VIP area as well as in the public area. However, Liberty Media is evaluating a reopening of both guest areas on an ongoing basis. DO & CO also secured catering services for all Formula 1 teams as well as for the Formula 1 management for the first six races. In addition to providing culinary services for the individual teams with an overall concept being adapted to COVID-19, DO & CO was also responsible for supplying the entire event infrastructure of the individual hospitality areas.

After all football matches for FC Bayern Munich, FK Austria Vienna and FC Red Bull Salzburg were cancelled in the first quarter or took place without any spectators, DO & CO provided culinary services for several matches during the second quarter. Also at the Olympic Park in Munich, several smaller events took place during the second quarter of the business year 2020/2021.

For the first time, DO & CO took over the entire culinary services for the Film Festival at the Rathausplatz in Vienna. In the period from 4 July to 6 September 2020, visitors were able to enjoy various delights from around the world at eight gourmet stalls operated by DO & CO.

Due to the current unfavourable market environment resulting from the COVID-19 pandemic, in the first half of the business year 2020/21, revenue decreased by -80.4% compared to the previous year from € 78.08m to € 15.33m. At € 3.09m, EBITDA is less than the figure for the same period in the previous year by € -7.38m (-70.5%). EBIT amounts to € 0.99m (PY: € 7.66m).

2.7. Restaurants, Lounges & Hotel

Restaurants, Lounges & Hotel		st Half Year 1					nd Quarter 2
			2020/2021 2019/2020	Change	Change in %	2020/2021 2019/2020		Change	Change in %
Revenue	m€	17.21	67.89	-50.67	-74.6%	10.65	34.10	-23.45	-68.8%
EBITDA	m€	-3.15	9.69	-12.85	-132.6%	0.02	5.63	-5.61	-99.6%
Depreciation/amortisation	m€	-5.22	-5.00	-0.23	-4.6%	-2.60	-2.70	0.10	3.6%
Effects from Impairment tests	m€	-9.13	0.03	-9.16	-	-9.14	0.02	-9.16	-
Impairment	m€	-9.13	0.03	-9.16	-	-9.14	0.02	-9.16	-
Appreciation	m€	0.00	0.00	0.00	0.0%	0.00	0.00	0.00	0.0%
EBIT	m€	-17.51	4.72	-22.23	-470.6%	-11.72	2.95	-14.67	-497.5%
EBITDA margin	%	-18.3%	14.3%			0.2%	16.5%
EBIT margin	%	-101.7%	7.0%			-110.0%	8.6%
Share of Group Revenue	%	15.5%	13.4%			13.5%	13.1%

The Restaurants, Lounges & Hotel division comprises the business units restaurants, Demel cafés, lounges, hotel, staff restaurants, retail and airport gastronomy.

In several countries around the world, restaurants and hotels had to be closed due to the COVID-19 pandemic. This started during the end of the business year 2019/2020 and along with air traffic the operation of airline and airport lounges had to be suspended. Therefore, revenue and results significantly decreased also in this division.

All DO & CO restaurants in Vienna have been reopened in mid-May 2020. Austria implemented a further lockdown for November 2020, with the economic implications being mitigated through government support measures. Encouragingly, revenue from the same period of the previous year was exceeded in the reopening phase. Only the Demel café at Vienna's Kohlmarkt remained closed in the first half of the business year 2020/2021.

Moreover, the new retail concept "The Lazy Chef" was launched in the second quarter of the business year 2020/2021. Since August, ready-made meals of DO & CO restaurant quality, which can be easily and quickly prepared at home, have already been sold under the "The Lazy Chef" brand.

In the first half of the business year 2020/2021, the Restaurants, Lounges & Hotel division accounted for revenue of € 17.21m (PY: € 67.89m), which translates into a decline of -74.60% on the previous year. At € -3.15m, EBITDA is less than the figure of the same period in the previous year by € -12.85m (-132.6%). EBIT amounts to € -17.51m (PY: € 4.72m).

2.8. Share / Investor Relations

Key figures per share

		st Half Year 1 2020/2021	st Half Year 1 2019/2020	nd Quarter 2 2020/2021	nd Quarter 2 2019/2020
High 1	€	52.60	90.00	52.60	90.00
Low 1	€	33.75	70.00	33.75	78.00
Share price at the end of the period 1	€	34.90	84.50	34.90	84.50
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€	340.07	823.37	340.07	823.37

1… Closing price

Shareholder structure of DO & CO Aktiengesellschaft

On 30 September 2020, 66.97% of the shares are in free float. The remaining share of 33.03% is held by the private foundation Attila Dogudan Privatstiftung. The share of Attila Dogudan Privatstiftung includes a stake of 1.59% provided for management and staff participation.

Information on the DO & CO shares

ISIN	AT0000818802
Reuters Code	DOCO.VI, DOCO.IS
Bloomberg Code	DOC AV, DOCO. TI
Indices	ATX, ATX Prime, BIST ALL, BIST-100 (since 1 July 2020)
WKN	081880
Listed in	Vienna, Istanbul
Currency	EUR, TRY

Financial calendar

18 February 2021 Results for the first three quarters of 2020/2021

Investor Relations

In the first half of the business year 2020/2021, 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 € 59.86 (status: 30 September 2020).

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 all its different business areas and its diversification across numerous countries and brands DO & CO is one of the companies most severely affected by the current crisis. As early as in March 2020, the Group reacted to the challenges posed by immediately making all decisions necessary to

significantly cut fixed cost and therefore, achieve a maximal reduction of monthly outflow of liquidity,
carefully manage and reasonably invest liquidity that has already been secured prior to the outbreak of the crisis and
work on innovative business models tailored to the "new normal".

All decisions necessary to accomplish the goals mentioned above are taken in consideration of the fact that neither the duration / intensity of the crisis nor the pattern in which revenue will develop toward a pre-crisis level can be predicted. The Management Board is also working on financing solutions to mitigate the effects of an unforeseeable worst-case scenario.

Despite a reduction in revenue of almost 80%, the Management Board accomplished to keep the outflow of liquidity at a minimum. Investments have been made in promising projects like "DO & CO Lazy Chef" and a new Asian restaurant concept offering contemporary Japanese cuisine.

Furthermore, two new restaurants as well as an exclusive boutique hotel will open at a prime location in Munich's inner city, situated in direct vicinity of the new brand store of DO & CO's long-standing partner and current UEFA Champions League winner FC Bayern Munich. In addition, the "Lazy Chef" concept will be expanded to Munich in the course of the next quarter.

Consequently, the Management Board is optimistic that DO & CO will emerge from this crisis with a great learning effect and a competitively viable structure that will enable it to further improve its pre-crisis market position.

Interim Consolidated Financial Statements for the 1st Half Year of 2020/2021 of DO & CO Aktiengesellschaft in accordance with IFRS

1. Consolidated Statement of Financial Position as of 30 September 2020

	Assets in m€	30 Sep 2020	31 March 2020
Notes
2.1.	Intangible assets	34,19	37,05
2.2.	Property, plant and equipment	418,33	449,15
	Investment property	3,08	3,37
	Investments accounted for using the equity method	1,63	1,96
	Other financial assets	13,13	3,66
	Deferred tax assets	17,96	13,94
	Other non-current assets Non-current assets	24,30 512,63	44,80 553,93

	Inventories	26,52	34,81
	Trade receivables	45,53	97,22
	Other financial assets	16,39	10,92
	Income tax receivables	2,59	2,80
	Other non-financial assets	31,63	33,07
	Cash and cash equivalents	281,61	300,88
	Non-current assets held for sale Current assets	50,94 455,20	56,19 535,89

	Total assets	967,83	1.089,82
	Shareholders' equity and liabilities in m€	30 Sep 2020	31 March 2020
Notes
	Share capital	19,49	19,49
	Capital reserves	70,51	70,51
	Retained earnings Other comprehensive income	114,07 -96,39	151,34 -78,39
	Special item from transactions with non-controlling interests	-1,14	-0,72
	Equity attributable to the shareholders
	of DO & CO Aktiengesellschaft	106,53	162,23
	Non-controlling interests	34,33	44,09
2.3.	Shareholders´ equity	140,86	206,32
2.4.	Other financial liabilities	471,25	470,93
	Non-current provisions	16,00	15,90
	Other non-current liabilities	0,01	0,01
	Income tax liabilities	0,03	0,03
	Deferred tax liabilities	1,63	3,85
	Non-current liabilities	488,92	490,72
	Other financial liabilities	209,53	212,22
	Trade payables	61,81	100,58
	Current provisions	21,01	22,08
	Income tax liabilities	6,29	8,43
	Other liabilities	29,01	36,35
	Liabilities directly allocable to non-current assets held for sale	10,40	13,13
	Current liabilities	338,05	392,79
	Total shareholders' equity and liabilities	967,83	1.089,82

2. Consolidated Income Statement for the 1 st Half Year of 2020/2021

Notes	in m€	st Half Year 1 2020/2021	st Half Year 1 2019/2020	nd Quarter 2 2020/2021	nd Quarter 2 2019/2020
3.1.	Revenue	111,35	507,85	78,88	260,31
	Other operating income	10,10	6,86	6,50	4,20
	Cost of materials	-27,17	-214,08	-19,19	-109,88
	Personnel expenses	-55,32	-164,80	-33,52	-84,14
	Other operating expenses	-31,49	-75,31	-17,77	-37,81
3.2.	Result of equity investments accounted for using the equity method	-0,89	0,18	-0,59	-0,08
	EBITDA - Operating result before amortisation / depreciation and effects from impairment tests	6,59	60,70	14,31	32,60
3.3.	Amortisation / depreciation and effects from impairment tests	-38,16	-26,26	-24,22	-13,75
	EBIT - Operating result	-31,58	34,45	-9,92	18,86
	Financing income	0,50	0,93	0,19	0,38
	Financing expenses	-9,45	-6,91	-5,20	-3,69
	Other financial result	-1,30	0,44	-0,43	0,64
3.4.	Financial result	-10,25	-5,54	-5,44	-2,68
	Profit before income tax	-41,83	28,91	-15,36	16,18
	Income tax	4,52	-6,87	-0,01	-3,51
	Profit after income tax	-37,30	22,04	-15,37	12,67
	Thereof net profit attributable to non-controlling interests	0,04	-7,08	0,25	-3,40
	Thereof net profit attributable to shareholders of DO & CO Aktiengesellschaft (Net result)	-37,27	14,95	-15,11	9,27

		st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	Net result in m€	2020/2021 -37.27	2019/2020 14.95	2020/2021 -15.11	2019/2020 9.27
	Number of shares at the end of the period (in Pie)	9,744,000	9,744,000	9,744,000	9,744,000
3.5.	Basic/diluted earnings per share (in €)	-3.82	1.53	-1.55	0.95

3. Consolidated Statement of Comprehensive Income

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2020/2021	2019/2020	2020/2021	2019/2020
Profit after income tax	-37.30	22.04	-15.36	12.67
Differences of currency translation	-28.66	4.74	-18.95	10.60
Income tax	1.95	0.00	0.89	-0.57
Cash Flow Hedge Reserve	-0.74	0.00	-0.11	0.00
Income tax	0.19	0.00	0.03	0.00
Total of items that will be reclassified subsequently to the income statement	-27.27	4.75	-18.15	10.02
Termination benefits and pension payments obligations	-1.10	0.00	-0.91	0.00
Income tax	0.22	0.00	0.18	0.00
Total of items that will not be reclassified subsequently to the income statement	-0.88	-0.01	-0.72	-0.01
Other comprehensive income after income tax	-28.14	4.74	-18.86	10.02
Total comprehensive income for the period	-65.45	26.78	-34.23	22.69
Thereof attributable to non-controlling interests	-10.18	9.14	-7.56	6.96
Attributable to DO & CO Aktiengesellschaft (Total result)	-55.27	17.64	-26.67	15.73

4. Consolidated Statement of Cash Flows

	in m€	st Half Year 1 2020/2021	st Half Year 1 2019/2020
	Profit before income tax	-41.83	28.91
	+/- Amortisation / depreciation and effects from impairment tests	38.17	26.26
	-/+ Gains / losses from disposals of non-current assets	0.32	0.02
	-/+ Gains / losses from associated companies measured at equity without cash effect	0.89	0.22
	+/- Other non-cash expenses / income	-1.00	-2.70
	+/- Interest result	8.97	6.00
	Gross cash flow	5.52	58.70
	-/+ Increase / decrease in inventories and other current assets	51.51	-31.57
	+/- Increase / decrease in provisions	-0.06	0.78
	+/- Increase / decrease in trade payables and other liabilities	-48.94	15.58
-	Income tax payments	-1.77	-2.99
	Cash flow from operating activities (net cash flow)	6.26	40.50
+	Payments received for disposals of property, plant and equipment and intangible assets	0.77	0.14
	+ Payments received for the disposal of other financial assets	0.10	0.04
-	Additions to property, plant and equipment	-19.87	-26.88
-	Additions to intangible assets	-1.57	-0.28
-	Additions to other financial assets	-1.75	-2.11
-	Cash outflows for the acquisition of subsidiaries, less acquired cash	0.03	3.31
	+ Interest received	0.48	0.91
	Cash flow from investing activities	-21.81	-24.88
-	Dividend payment to shareholders of DO & CO Aktiengesellschaft	0.00	-8.28
-	Dividend payment to non-controlling interests	0.00	-2.71
-	Cash outflows for the acquisition of non-controlling interests	0.00	-4.05
	+ Increase in financial liabilities	18.60	14.59
-	Repayment of financial liabilities	-9.10	-11.58
-	Interest paid	-7.75	-3.59
	Cash flow from financing activities	1.75	-15.62
	Net increase/decrease in cash and cash equivalents	-13.78	-0.03
	Cash and cash equivalents at the beginning of the period	300.88	70.45
	Effects of exchange rate changes on cash and cash equivalents (opening balance)	-5.53	0.82
	Effects of exchange rate changes on cash and cash equivalents (movement)	0.04	0.53
	Cash and cash equivalents at the end of the period	281.61	71.77
	Net increase/decrease in cash and cash equivalents	-13.78	-0.03

5. Consolidated Statement of Changes in Equity

				Equity of the shareholders of DO & CO Aktiengesellschaft
				Other comprehensive income
in m€	Share capital	Capital reserves	Retained earnings	Currency translation differences	Revaluation IAS 19	Cash Flow Hedge Reserve	Special item from transactions with non-controlling interests	Total	Non-controlling interests	Total equity
As of 1 April 2020	19.49	70.51	151.34	-74.30	-3.18	-0.92	-0.72	162.23	44.09	206.32
Total result			-37.27	-17.01	-0.44	-0.56		-55.27	-10.18	-65.45
Transactions with non-controlling interests							-0.43	-0.43	0.43	0.00
As of 30 September 2020	19.49	70.51	114.07	-91.31	-3.61	-1.48	-1.14	106.53	34.33	140.86
As of 1 April 2019	19.49	70.51	186.76	-64.66	-1.96	0.00	-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	0.00	0.19	217.41	50.31	267.71

6. Segment Reporting

Segment reporting by division for the first half of the business year 2020/2021 and the first half of the business year 2019/2020 is as follows:

st Half Year 1 2020/2021		Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Total
Revenue	m€	78.81	15.33	17.21	111.35
EBITDA	m€	6.66	3.09	-3.15	6.59
Depreciation/amortisation	m€	-20.07	-2.10	-5.22	-27.40
Effects from impairment tests	m€	-1.64	0.00	-9.13	-10.77
Impairment	m€	-1.64	0.00	-9.13	-10.77
Appreciation	m€	0.00	0.00	0.00	0.00
EBIT	m€	-15.05	0.99	-17.51	-31.58
EBITDA margin	%	8.5%	20.1%	-18.3%	5.9%
EBIT margin	%	-19.1%	6.4%	-101.7%	-28.4%
Share of Group Revenue	%	70.8%	13.8%	15.5%	100.0%
Total investments	m€	19.94	13.62	2.28	35.84

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

Both earnings figures, EBIT and EBITDA, are of relevance for the management regarding performance review and decision making. 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:

according to the location of the service-rendering subsidiary as follows:
s t Half Year 1 2020/2021		Turkey	Austria	Great Britain	Germany	USA	Other Countries	Total
Sales	m€	28.56	19.94	25.09	7.73	12.41	17.62	111.35
Share of Group Revenue	%	25.7%	17.9%	22.5%	6.9%	11.1%	15.8%	100.0%
s t Half year 1 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%

Non-current assets pursuant to IFRS 8 by geographical regions (excl. income tax receivables and deferred taxes) as of 30 September 2020 and 31 March 2020 are presented below:

30 September 2020		Great Britain	Austria	USA	Turkey	Germany	Spain	Other Countries	Total
Non-current assets	m€	178.61	87.64	74.11	33.99	47.56	18.24	54.53	494.67
in %		36.1%	17.7%	15.0%	6.9%	9.6%	3.7%	11.0%	100.0%

31 March 2020		Great Britain	Austria	USA	Turkey	Germany	Spain	Other Countries	Total
Non-current assets	m€	179.68	96.74	85.28	51.99	52.24	18.54	55.51	539.99
in %		33.3%	17.9%	15.8%	9.6%	9.7%	3.4%	10.3%	100.0%

Condensed Notes to the Consolidated Financial Statements for the 1st Half Year of 2020/2021

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 2020/2021, and in accordance with group-wide accounting principles set out by the parent company.

The interim consolidated financial statements as of 30 September 2020 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 2020.

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

In the first half of the business year 2020/2021, the amendments to IFRS 3 (Definition of a Business) were adopted by the EU. This amendment does not have an impact on the interim consolidated financial statements.

In addition, an amendment to IFRS 16 (COVID-19-Related Rent Concessions) was adopted by the EU prior to the publication of the interim consolidated financial statements. The DO & CO Group does not make use of the relief provisions granted through the amendments. Therefore, this does not have an impact on the consolidated financial statements.

For further information on the accounting and valuation methods applied, we refer to the consolidated financial statements as of 31 March 2020 that form the basis of these condensed interim consolidated financial statements.

1.3. Significant discretionary decisions and estimates

The preparation of the interim consolidated financial statements is based on discretionary decisions and estimates as well as assumptions made by DO & CO that affect the accounting of assets and liabilities, the presentation of income and expenses and the relevant disclosures including the disclosure of contingent liabilities. These discretionary decisions and estimates may have a material impact on the financial situation and performance.

In comparison to 31 March 2020, the following discretionary decisions and estimates gave rise to material changes:

As of 30 September 2020, indicator-based impairment tests were performed for cashgenerating units from all three business divisions. The significant assumptions which form the basis of the tests have changed as a result of the ongoing COVID-19 crisis. For a detailed description of the impact on the financial forecasts and interest rates used, reference is made to the comments made on intangible assets (Section 2.1.).
In preparing the interim consolidated financial statements, DO & CO's management assumes that the Group will be able to continue as a going concern and made estimates and assumptions regarding the further course of the COVID-19 crisis. Contrary to the estimate made as of 31 March 2020, a full recovery of revenue to pre-crisis levels in the Airline Catering division is not expected to take place until the business year 2024/2025. In addition, the planning for the second half of the financial year 2020/2021 was adjusted to the expectations based on the COVID-19 measures announced. Based on the Company's planning and the initiated restructuring measures, management is still convinced that the covenants relevant for the bank financing will be met.

At each reporting date including 30 September 2020, the plausibility of the assumptions and estimates made is assessed. Except for the two issues already mentioned above, this assessment did not result in any material changes as compared to 31 March 2020.

1.4. Scope of consolidation

DO & CO Hotel München GmbH, founded by DO & CO, was consolidated for the first time on September 30, 2020.

1.5. Seasonality and economic influences

The general and industry-specific economic losses caused by the COVID-19 crisis resulted in reduced business activity within the DO & CO Group in the first half of the business year 2020/2021.

These economic influences and the impact of the COVID-19 crisis in general resulted in seasonal influences playing a tangential role compared to previous reporting periods.

2. Comments on the Consolidated Statement of Financial Position

2.1. Intangible Assets

As compared to 31 March 2020, several countries in which the DO & CO Group operates, experienced adverse changes in the interest environment in the first half of the business year 2020/2021. The financial forecasts for cash generating units (CGU) carrying goodwill of the Airline Catering division were again adjusted based on externally available forecasts for the airline industry (e.g. IATA "Covid-19 Outlook for air travel in the next five years").

These developments were identified as indicators (triggering events) for possible impairment and thus required a new impairment test of the cash generating units carrying goodwill as of 30 September 2020. During this test, the carrying amounts of the CGUs were compared with their respective recoverable amount. The recoverable amounts are calculated using the DCF method. The table below presents an overview of goodwill to be tested annually for impairment and the material assumptions made regarding the relevant impairment tests.

Cash-generating unit	Airline Catering Austria	Airline Catering DO & CO Poland	Arena One Allianz Arena		Hédiard Oleander Group AG / Lasting Impressions
Segment	Airline Catering	Airline Catering	International Event Catering	Restaurants, Lounges & Hotel	Airline Catering
Carrying amount of goodwill in m€	4.06	1.16	7.76	0.00	0.91
Length of detailed planning period in years	7.25	5.5	9.75	9.5	5.5
Cash flow growth after detailed resp. general planning period in %	2%	3%**	-1 %*	1.89%	2%
Pre-tax discount rate**	7.65 - 7.78%	9.39 - 9.50%	8.84 - 11.39%	6.24 - 11.38%	7.27 - 7.49%
Approach	value in use	value in use	value in use	fair value less cost to sell	value in use

*Three scenarios in total, of which only two scenarios assumes a projection beyond the detailed planning period

**Two scenarios in total, of which one scenario assumes a growth rate beyond the detailed planning period

The impairment tests resulted in a reduction of the excess in carrying amounts for all cash generating units to be tested. Nevertheless, impairment had to be recorded for only one cashgenerating unit carrying goodwill.

Cash flow projections used to determine the value in use or the fair value less cost to sell are generally based on forecasts which, in turn, are based on financial forecasts approved by management. For the preparation of financial plans for the Airline Catering division, the Group made assumptions based on externally available forecasts on the development of the airline industry. In contrast to the impairment test as of 31 March 2020, the industry's recovery to precrisis levels is now expected to take place as late as in the business year 2024/2025. Moreover, the financial plans of the CGUs carrying goodwill reflect past experiences as well as assumptions on customer forecasts and the future developments of the respective business models.

The business development of the individual CGUs for the planning period was derived from these forecasts and assumptions. To the extent that the stable business outlook necessary for calculating the terminal value is not guaranteed at the end of the detailed planning period of five years, DO & CO includes an extended planning phase in this planning. The planning period was extended for the CGU Arena One Allianz and the CGU Airline Catering Austria due to an underlying contract term. Regarding the CGU Hédiard, the extension of the planning period is due to the start-up phase that is required after opening, until a stable business outlook is attained.

The increased uncertainty resulting from COVID-19 is accounted for by means of a weighted scenario analysis. Besides a baseline scenario ("U scenario"), which considers a recovery during the detailed planning period, an additional scenario ("L scenario") depicts a potential sustained

negative impact on cash flows. Based on developments regarding long-term customer contracts, additional scenarios are calculated for some individual CGUs.

The growth assumptions used for impairment testing are based on adapted past experiences. They also consider assumptions regarding the loyalty of major customers as well as attracting similar customers and the expected developments in the relevant markets. The development of the cost structure also reflects past experiences, measures implemented to improve efficiency and expected developments of the individual cost factors. To continue cash flow forecasts beyond the detailed planning period and the extended planning period, DO & CO takes into account growth rates that are largely based on forecasted inflation rates of the respective local market environments. External sources were used to predict the inflation rates.

During the impairment testing, goodwill was impaired by € 0.87m at the CGU Hédiard, a renowned gourmet food company with its headquarters in Paris, France. This CGU globally operates in retail and is allocated to the Restaurants, Lounges & Hotel division. The impairment loss resulted from the ongoing impact of the COVID-19 crisis. The recoverable amount of this CGU is based on the fair value less costs to sell and amounts to € 13.21m as of 30 September 2020. In addition to goodwill, other intangible assets (€ 0.15m) and property, plant and equipment (€ 7.26m) were impaired in this CGU (see Section 2.2).

Sensitivity analyses have been carried out for those CGUs carrying goodwill where there is no impairment as at the reporting date. The sensitivity analyses carried out showed that the recoverable amounts as of 30 September 2020 of the CGUs to which goodwill was allocated and which were tested for impairment would have exceeded the respective carrying amounts also if the discount rate had increased by 1 percentage point. The same holds true if the growth rates applied to terminal value had decreased by 1 percentage point or double weighing had been given to the L scenario.

2.2. Property, plant and equipment

As already disclosed in Section 2.1., indicators for impairment existed in all business divisions of the DO & CO Group as of 30 September 2020. Therefore, in addition to impairment tests performed for CGUs carrying goodwill, numerous other CGUs were also tested for impairment.

In total, the impairment tests resulted in impairment of property, plant and equipment amounting to € 8.18m.

In addition to the impairment of goodwill and other intangible assets, an impairment loss in property, plant and equipment of € 7.26m was recognised for the CGU Hédiard in the Restaurant Lounges & Hotel division. This impairment mainly relates to a right-of-use asset as well as assets under construction.

In the Airline Catering division, a right-of-use asset in one CGU located in Frankfurt was impaired by the amount of € 0.92m following an impairment test on asset level.

2.3. Shareholders' equity

In the General Meeting of Shareholders dated 31 July 2020, the Management Board was authorised to increase the share capital from the current nominal amount of € 19,488,000 by up to a further 974,400 new no-par value bearer shares, adhering to pre-emption rights of existing shareholders; but – when approved by the Supervisory Board – also under exclusion of the pre-emption rights of shareholders. This corresponds to a proportion of 10% of the current share capital of the Company (authorised capital).

2.4. Other financial liabilities (current)

Part of the decrease in current other financial liabilities is due to the partial repayment at the purchase price of € 1.17m of a bond taken out in 2014. The notional amount of the repayment was € 1.25m.

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	27.09	0.00	1.48	28.56
Austria	10.33	1.96	7.66	19.94
Great Britain	17.90	6.77	0.43	25.09
Germany	0.44	1.76	5.53	7.73
USA	10.79	0.00	1.61	12.41
other countries	12.26	4.84	0.52	17.62
Total	78.81	15.33	17.21	111.35

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

In the first half of 2020/2021, losses recorded off-balance sheet were recognised in the amount of € -0.12m.

3.3. Amortisation/depreciation and effects from impairment tests

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2020/2021	2019/2020	2020/2021	2019/2020
Amortisation and depreciation	-27.40	-26.45	-13.44	-13.93
Effects from impairment tests	-10.77	0.19	-10.78	0.18
Total	-38.16	-26.26	-24.22	-13.75

The increase from the effects of the impairment tests relate to impairments on property, plant and equipment for € 9.90m and on goodwill amortisation for € 0.87m. For details see sections 2.1. and 2.2..

3.4. Financial Result

in m€	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2020/2021	2019/2020	2020/2021	2019/2020
Income from non-current securities	0.02	0.02	0.00	0.01
Interest and similar income	0.48	0.91	0.19	0.37
Expenses from securities of current assets	-0.01	0.00	-0.01	0.00
Interest and similar expenses	-9.45	-6.91	-5.19	-3.69
Other financial result	-1.30	0.44	-0.43	0.64
Total	-10.25	-5.54	-5.44	-2.68

The increase in interest and similar expenses is due to interest on additional financial liabilities assumed.

3.5. Earnings per share

	st Half Year 1	st Half Year 1	nd Quarter 2	nd Quarter 2
	2020/2021	2019/2020	2020/2021	2019/2020
Net result in m€	-37,27	14,95	-15,11	9,27
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 €)	-3,82	1,53	-1,55	0,95

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:

in m€	30 September 2020	Measurement category according to IFRS 9	Fair Value	Level
Other financial assets (non-current)	13.13
Investments and securities	0.36	FVTPL
Shares in affiliated companies	0.15	FVTPL		3
Securities	0.21	FVTPL		1
Other non-current assets	12.78	AC
Trade receivables	45.53	AC
Other financial assets (current)	16.39	AC
Cash and cash equivalents	281.61	AC
Total assets	356.66
Other financial liabilities (non-current)	471.25
Loans	307.85	FLAC	249.74	3
Lease liability IFRS 16	161.44	FLAC
Derivative financial instrument	1.97	FVOCI		2
Other financial liabilities (current)	209.53
Bond	148.61	FLAC	137.70	1
Loans	10.69	FLAC	10.47	3
Lease liability IFRS 16	18.42	FLAC
Miscellaneous other current financial liabilities	31.81	FLAC
Trade payables	61.81	FLAC
Total liabilities	742.59

	Carrying amount 30 September	category according to
in m€	2020	IFRS 9	Fair Value	Level
Other financial assets (non-current)	13.13
Investments and securities	0.36	FVTPL
Shares in affiliated companies	0.15	FVTPL		3
Securities	0.21	FVTPL		1
Other non-current assets	12.78	AC
Trade receivables	45.53	AC
Other financial assets (current)	16.39	AC
Cash and cash equivalents	281.61	AC
Total assets	356.66
Other financial liabilities (non-current)	471.25
Loans	307.85	FLAC	249.74	3
Lease liability IFRS 16	161.44	FLAC
Derivative financial instrument Other financial liabilities (current)	1.97 209.53	FVOCI		2
Bond	148.61	FLAC	137.70	1
Loans	10.69	FLAC	10.47	3
Lease liability IFRS 16	18.42	FLAC
Miscellaneous other current financial liabilities	31.81	FLAC
Trade payables	61.81	FLAC
Total liabilities	742.59

		Measurement
		category
	Carrying amount	according to
in m€	31 March 2020	IFRS 9	Fair Value	Level
Other financial assets (non-current)	3.66
Investments and securities	0.36	FVTPL
Shares in affiliated companies	0.15	FVTPL		3
Securities	0.21	FVTPL		1
Other non-current assets	3.30	AC
Trade receivables	97.22	AC
Other financial assets (current)	10.92	AC
Cash and cash equivalents	300.88	AC
Total assets	412.68
Other financial liabilities (non-current)	470.93
Loans	289.88	FLAC	225.04	3
Lease liability IFRS 16	179.83	FLAC
Derivative financial instrument	1.22	FVOCI		2
Other financial liabilities (current)	212.22
Bond	149.69	FLAC	135.00	1
Loans	12.99	FLAC	12.79	3
Lease liability IFRS 16	20.53	FLAC
Miscellaneous other current financial liabilities	29.00	FLAC
Trade payables	100.58	FLAC
Total liabilities	783.73
AC: financial assets measured at amortised cost FLAC: financial liabilities measured at amortised cost FVTPL: financial assets mandatorily measured at fair value through profit or loss FVOCI: financial assets and liabilities measured at fair value through other comprehensive income 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)

Since October governments worldwide have implemented various new measures (e.g. lockdown) to combat the on-going COVID-19 crises. Given the current perspective, future possible financial effects cannot be accurately foreseen.

No other significant events have occurred after the balance sheet date.

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.

		1	st Half Year 2020/2021		st Half Year 2019/2020 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	0.00	0.05	0.09	0.00	0.01	0.47	0.26
Supplies received and services rendered	2.69	2.47	0.00	0.07	3.04	4.77	0.03	1.12

	30 September 2020
						31 March 2020
in m€	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries	Other related party	Associated companies	Joint ventures	Non consolidated subsidiaries
Receivables	0.95	0.03	1.30	0.11	0.95	0.42	1.47	0.11
Payables	0.81	3.53	0.00	0.08	0.52	3.12	0.00	0.30

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, 19 November 2020

The Management Board:

Chairman of the Management Board Member of the Management Board

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

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 2020 to 30 September 2020. The condensed interim consolidated financial statements comprise the condensed consolidated statement of financial position as of 30 September 2020, 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 2020 to 30 September 2020 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 2020 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.

Vienna, 19th November 2020

PKF CENTURION WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH

Karl Prossinger Michael Lembäcker

Austrian Certified Public Accountant Austrian Certified Public Accountant